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MONEYVAL experts say Gibraltar has improved measures for tackling money laundering and terrorist financing

Photo by JP Latin

Financial specialists at the Council of Europe said Gibraltar has improved its measures for tackling money laundering and terrorist financing, re-rating the Rock from being ‘Partially Compliant’ to ‘Largely Compliant’.

In a statement, the Council said its Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism [known as MONEYVAL] found Gibraltar had aligned its legislation with provisions of relevant international agreements, as required by Recommendation 36 of the Financial Action Task Force.

“As a consequence, MONEYVAL has re-rated the jurisdiction from being ‘Partially Compliant’ to ‘Largely Compliant’ with this recommendation,” the Council said in the statement.

“As a result, MONEYVAL terminated its follow-up procedure vis-à-vis Gibraltar under its 5th round of evaluations.”

The findings are contained in a follow-up MONEYVAL report released today by the Council of Europe experts.

In December 2019, the United Kingdom extended UN conventions to Gibraltar on tackling corruption and suppressing the financing of terrorism.

“Gibraltar subsequently adopted legislative acts and other measures to fully implement the UN convention against the illicit traffic in narcotic drugs and psychotropic substances,” the Council said in the statement.

“Out of 40 recommendations from the FATF, Gibraltar currently has 23 recommendations rated ‘Compliant’ and 17 recommendations rated ‘Largely Compliant’.”

The development was welcomed by the Gibraltar Government, which said Gibraltar had "once again" demonstrated its compliance with the highest international standards to combat money laundering, terrorist financing and proliferation financing, as well prevent the evasion and circumvention of international financial sanctions.

"The findings set out in this report put Gibraltar in the top 11 of the global network’s most compliant jurisdictions in respect of these recommendations where all of the 40 recommendations are rated as either Fully or Largely Compliant," No.6 Convent Place said in a statement.

The Minister for Justice, Trade and Industry, Nigel Feetham, added: “Moneyval’s report, and our position with respect to the ratings achieved, are more evidence as to Gibraltar’s compliance in these areas when measured against the most stringent international standards."

"I am grateful for the continued work from all our stakeholders in this regard.”

MONEYVAL is a monitoring body of the Council of Europe tasked with assessing compliance with the principal international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation.

MONEYVAL evaluates 33 states and territories and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems and to counter proliferation financing.

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