Gibraltar Whitelisted by Financial Action Task Force for Combating Money Laundering
Breaking News: Gibraltar Removed from FATF’s Grey List
In a significant development, the Financial Action Task Force (FATF) has removed Gibraltar from its list of countries under increased monitoring, also known as the Grey List. This comes after Gibraltar successfully completed its action plan to combat money laundering and terrorist financing.
A Major Breakthrough for Gibraltar
The Chief Minister of Gibraltar, Fabian Picardo KC MP, welcomed the news, attributing it to the jurisdiction’s unwavering commitment to meeting international standards. He praised the hard work and political leadership of successive ministers, including Albert Isola and Nigel Feetham, who worked closely with law enforcement agencies, regulatory authorities, and prosecution services to implement robust measures.
Minister’s Gratitude
Minister for Justice, Trade and Industry, Nigel Feetham KC MP, expressed his gratitude to all those involved in achieving this milestone. “I gave my personal commitment last October that we would be white listed at the first opportunity,” he said. “We have worked hard to deliver this, and I am sincerely grateful to all the team that have made this possible.”
A Significant Boost to Gibraltar’s Reputation
The FATF’s recognition of Gibraltar’s progress is a significant boost to its reputation as a responsible and transparent financial centre. It demonstrates the jurisdiction’s complete commitment to the FATF processes and its determination to play a key role in tackling economic crime globally.
Sustainable Measures Implemented
Gibraltar has undergone rigorous assessments and implemented sustainable measures to address its action plan, reflecting its dedication to upholding the highest standards of compliance with international obligations. The Chief Minister emphasized that this achievement not only enhances Gibraltar’s reputation but also strengthens its position as a trusted and compliant international financial centre.
Key Points:
- Gibraltar removed from FATF’s Grey List
- Successful completion of action plan to combat money laundering and terrorist financing
- Jurisdiction’s commitment to meeting international standards praised by Chief Minister Fabian Picardo KC MP
- FATF recognition boosts Gibraltar’s reputation as a responsible and transparent financial centre
- Sustainable measures implemented to address action plan, demonstrating dedication to compliance with international obligations.