Gibraltar Boosts Anti-Terrorist Financing Compliance

A significant development has been reported by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), stating that Gibraltar has improved its measures to combat money laundering and terrorist financing.

Improved Compliance with International Agreements

Gibraltar has aligned its legislation with key provisions of international agreements, as required by Recommendation 36 of the Financial Action Task Force (FATF). This move has earned a re-rating from “Partially Compliant” to “Largely Compliant”. As a result, MONEYVAL has terminated its follow-up procedure vis-à-vis Gibraltar under its 5th round of evaluations.

Legislative Changes and Measures

Gibraltar’s improved compliance stems from the adoption of legislative acts and other measures to fully implement the:

• UN Convention Against Corruption
• UN Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances

These conventions were extended to Gibraltar by the United Kingdom in December 2019.

FATF Recommendations

Out of a total of 40 recommendations made by the FATF, Gibraltar currently has:

• 23 rated “Compliant”
• 17 rated “Largely Compliant”

The MONEYVAL report praises Gibraltar’s efforts to strengthen its anti-money laundering and counter-terrorist financing systems.

Evaluation Report

The MONEYVAL report is the latest in a series of assessments conducted by the Council of Europe monitoring body, which evaluates compliance with international standards to combat:

• Money Laundering
• Terrorist Financing
• Proliferation of Weapons of Mass Destruction