At a Financial Action Task Force (FATF) press conference in Paris this afternoon, it was announced that Gibraltar would be removed from the FATF grey list, meaning it has returned to the FATF White list of responsible financial jurisdictions.
The fifth Plenary of the FATF began on 21 February. Delegates from the FATF’s Global Network of over 200 jurisdictions and observers from international organisations participated in three days of discussions on key money laundering, terrorism financing and proliferation financing issues at the FATF headquarters in Paris. The FATF plenary congratulated Gibraltar for their significant progress in addressing the strategic AML/CFT deficiencies previously identified during their evaluation. Gibraltar had committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes. Gibraltar will no longer be subject to the FATF’s increased monitoring process.
Gibraltar will continue to work with the FATF-Style Regional Body, of which it is a member, to continue strengthening their AML/CFT/CPF regimes.
The Government of Gibraltar issued the following press release:
“The Chief Minister, the Hon Fabian Picardo KC MP, has today confirmed that His Majesty’s Government of Gibraltar has now had confirmed that Gibraltar has been whitelisted by the FATF at its plenary this week in Paris. This hugely significant development reflects and acknowledges Gibraltar’s unwavering commitment to meeting international standards in combatting money laundering and terrorist financing.
The President of the FATF officially announced today that Gibraltar had made “significant progress” and completed its action plan, leading to removal from the FATF list of Countries under increased monitoring (Grey List).
Under the leadership of Minister Albert Isola as Minister for Financial Services until October 2023 and since then by the new Minister for Justice, Trade and Industry, the Hon Nigel Feetham KC MP, who is in Paris today at the FATF Plenary, and working closely with Law enforcement agencies, regulatory authorities and the Prosecution services, the jurisdiction has undergone a process of rigorous assessments and implemented robust and sustainable measures to address its action plan.
This recognition by the FATF reaffirms Gibraltar’s status as a responsible and transparent financial centre, dedicated to upholding the highest standards of compliance with our international obligations.
The Chief Minister, the Hon Fabian Picardo KC MP, said “This is very welcome news and I am delighted that our continued and ongoing work and political commitment to future development has been recognised. I am grateful to all the agencies and authorities that have contributed to this work as well as the private sector that has wholeheartedly joined us in our fight against economic crime. Gibraltar’s FATF white listing not only enhances our reputation but also strengthens our position as a trusted and compliant international financial centre. This is excellent news for the Jurisdiction. I particularly want to highlight the work of successive Ministers Isola and Feetham in this regard. Their political leadership in financial services and Samantha Sacramento’s work in the Ministry for Justice has been essential in achieving this proud mile stone.”
Minister for Justice, Trade and Industry, the Hon Nigel Feetham KC MP, confirmed: “I gave my personal commitment last October that we would be white listed at the first opportunity. We have worked hard, very hard, to deliver this and I am sincerely grateful to all the team that have made this possible not least to all the relevant public servants and my former ministerial colleagues Albert Isola and Samantha Sacramento for their work. We have not only focused on our delisting, but on the work that we have already started to plan for the next evaluation, in three 3 years, to ensure we remain fully in line with the FATF standards. We are 100% committed to fighting economic crime and playing our part with the international community in tackling money laundering and terrorist financing.”
Gibraltar’s removal from the Grey List recognises its continued progress in aligning with global best practices and demonstrates its complete commitment to the FATF processes.”
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