Gibraltar Scores High in Efforts to Combat Money Laundering and Terrorist Financing
A recent follow-up report by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has praised Gibraltar’s significant progress in tackling money laundering and terrorist financing.
Compliance with International Agreements
Gibraltar has aligned its legislation with provisions of relevant international agreements, as required by Recommendation 36 of the Financial Action Task Force (FATF). As a result, MONEYVAL has upgraded Gibraltar’s rating from “Partially Compliant” to “Largely Compliant” in terms of compliance with this recommendation.
Termination of Follow-up Procedure
MONEYVAL has terminated its follow-up procedure vis-a-vis Gibraltar under its 5th round of evaluations. This is a testament to the progress made by Gibraltar in implementing effective measures to combat money laundering and terrorist financing.
Implementation of UN Conventions
Gibraltar’s progress is significant, as it has implemented legislative acts and other measures to fully implement the UN Convention against the Illicit Traffic in Narcotic Drugs and Psychotropic Substances. This follows the extension of UN conventions on suppressing the financing of terrorism and against corruption by the United Kingdom in December 2019.
Current Status
Out of 40 recommendations from the FATF, Gibraltar currently has:
- 23 recommendations rated “Compliant”
- 17 recommendations rated “Largely Compliant”
MONEYVAL’s Role
The MONEYVAL committee is a monitoring body of the Council of Europe that assesses compliance with international standards to counter money laundering, terrorist financing, and the proliferation of weapons of mass destruction. It evaluates 33 states and territories and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter-terrorist financing systems.
Report Availability
The report is available online at [insert link].