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Gibraltar’s progress in combating money laundering and terrorist financing was rated as “largely compliant”.
The award was given by the European Commission’s Committee of Experts on Anti-Money Laundering Measures and Terrorist Financing (MONEYVAL), which raised its rating from “partially compliant” to “partially compliant”.
The latest report shows that Gibraltar is largely in compliance with international standards set by the Financial Action Task Force (FATF).
Currently, Gibraltar has a “compliant” rating on 23 of the 40 FATF recommendations and a “largely compliant” rating on 17.
The region was praised for improving international cooperation, which falls within the scope of recommendation 36.
MONEYVAL assesses compliance with key international standards for combating money laundering, terrorist financing and the proliferation of weapons of mass destruction.
It assessed 33 states and territories and made recommendations for necessary improvements to their systems.
The government hailed the achievement, claiming it puts Gibraltar “among the 11 most cyber-compliant jurisdictions in the world”.
Minister for Justice, Trade and Industry Nigel Feetham KC MP said: “The Moneyval report and our stance on the ratings awarded are further evidence of Gibraltar’s compliance in these areas, measured against the most stringent international standards.
“I thank all stakeholders for their continued efforts in this regard.”
This is another good news following Gibraltar’s removal from the Financial Action Task Force’s grey list in March this year.
In June 2022, Antigua and Barbuda was placed on the grey list because it was deemed under-regulated in the legal and gambling sectors, which account for 28% of the country’s economy.
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