Gibraltar comes off FATF grey list

Gibraltar was on Friday removed from the grey list of the Financial Action Task Force, the global money laundering and terrorist financing watchdog.

The announcement was made by FATF President T. Raja Kumar during a press conference following a plenary session in Paris.

Gibraltar was one of four countries that came off the grey list of high risk jurisdictions, the others being Barbados, the United Arab Emirates and Uganda.

“They have all taken substantial steps to improve their AML/CFT systems and address all items on their action plans,” Mr Raja Kumar said.

“This week, the plenary determined that their efforts are ongoing and sustainable and that they have demonstrated the necessary political will to sustain and continue these changes.”

“I commend the efforts taken by all four jurisdictions, and I congratulate them.”

“These jurisdictions have come a far way and now have a more robust AML/CFT systems that will serve them well.”

The FATF’s decision to move Gibraltar to its white list was welcomed by the Gibraltar Government, which described the development as “hugely significant”.

No.6 Convent Place said it underscored the Rock’s “unwavering commitment” to meeting international standards in combating money laundering and terrorist financing.

It said the FATF decision reaffirmed Gibraltar's status as a “responsible and transparent financial centre, dedicated to upholding the highest standards of compliance with our international obligations”.

“This is very welcome news and I am delighted that our continued and ongoing work and political commitment to future development has been recognised,” said Chief Minister Fabian Picardo.

“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.”

Gibraltar was placed on the FATF grey list in June 2022 even after complying with all but two of the 98 recommendations made in a MONEYVAL mutual evaluation report.

Since then, there was intense work here in the public and private sectors to address the remaining points raised by the FATF.

In October 2023, the FATF confirmed that Gibraltar had “substantially completed” its action plan.

As a result, the FATF agreed to send a team to the Rock for an onsite assessment to verify that the implementation of reforms on anti-money laundering and combating the financing of terrorism had begun and was being sustained, and that the necessary political commitment remained in place to ensure implementation in the future.

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.

The work in Gibraltar was led by former Minister for Financial Services, Albert Isola, until the general election last October, and then by his successor in the post, Nigel Feetham, who was in Paris this week for the FATF plenary session.

They worked closely with government and law enforcement officials, regulatory authorities and prosecution services and the private sector, undergoing a process of rigorous assessments as Gibraltar implemented robust and sustainable measures to address its action plan.

Mr Picardo highlighted the work of Mr Isola and Mr Feetham in the process, as well as that of former Justice Minister Samantha Sacramento.

“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,” Mr Picardo said.

Mr Feetham, who had given a personal commitment last October that Gibraltar would be removed from the grey list at the earliest opportunity, also welcomed the news, even while underlining the vital importance of sustaining international standards going forward.

“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,” he said.

“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 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.”

One of the proudest moments of my life. A hugely important announcement for Gibraltar following my address to the FATF plenary meeting earlier today in Paris. Mission Accomplished. We are now white-listed. We did it. Together. 🙏🇬🇮 pic.twitter.com/tPcaMvEBNu

— Nigel Feetham KC (@NigelMFeetham) February 23, 2024

The news that Gibraltar had come off the FATF grey list was welcomed too by the Opposition.

“I’m pleased to hear that Gibraltar has been removed from the FATF grey list which has been so damaging to our international reputation,” said GSD MP Roy Clinton.

“The removal is testament to the seriousness and commitment that all stakeholders in Gibraltar have to maintaining and demonstrating the high standards required in the global fight against money laundering.”