Gibraltar is on the white list. Reuters
Gibraltar gets clean bill of health over economic crime

Gibraltar gets clean bill of health over economic crime

The international committee looking into global money laundering and terrorism financing has taken the Rock off its grey list for monitoring

SUR in English


Friday, 1 March 2024, 15:23


The government of Gibraltar has hailed the decision to remove the Rock from a list of countries and territories whose financial systems are not considered to be doing enough to counter shady practices such as money laundering, terrorist financing or trade in banned weapons.

Last Friday the top Financial Action Task Force (FATF), which is supported by some 40 countries and international bodies, announced from Paris that Gibraltar was no longer on the organisation's grey list of places that were subject to extra monitoring over so-called economic crime.

A statement from the FATF said, "The FATF plenary congratulated Barbados, Gibraltar, Uganda and the United Arab Emirates for their significant progress in addressing the strategic deficiencies previously identified during their mutual evaluations. These jurisdictions had committed to implement an Action Plan to swiftly resolve the identified strategic deficiencies within agreed timeframes. These countries will no longer be subject to the FATF's increased monitoring process." The decision comes after a successful visit to Gibraltar by FATF inspectors.

The United Kingdom has also taken Gibraltar off its grey list as a result of the FATF decision

Chief Minister of Gibraltar Fabian Picardo 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."

The UK has also taken Gibraltar off its grey list as a result of the FATF decision.

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