FATF keeps Gibraltar on grey list as it banishes Russia from membership
Financial watchdog retains igaming hub under increased monitoring while it condemns Russian invasion of Ukraine
Gibraltar has been kept on the Financial Action Task Force’s (FATF) latest grey list.
The igaming hub was added to the financial watchdog’s list in June, and was retained on the grey list in October as part of FATF’s latest update.
Providing a new update, FATF confirmed the British Overseas Territory would remain grey listed and monitored.
Jurisdictions are placed on the grey list due to having strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
Gibraltar remains on the list along with the likes of South Sudan, Panama and the Cayman Islands.
Morocco and Cambodia were removed from the grey list as part of FATF’s latest update.
FATF said jurisdictions on the list were actively working with the body to address the deficiencies amid the increased monitoring process.
Elsewhere, FATF has suspended Russia’s membership to the body but said the state must continue to meet its financial obligations and implement FATF standards.
The decision comes on the first anniversary of the Russian invasion of Ukraine, with FATF condemning the state in the strongest possible terms.
The body said: “The FATF strongly condemns the Russian Federation’s war of aggression against Ukraine. Over the past year, the Russian Federation has intensified its inhumane and brutal attacks targeting critical public infrastructure.
“The Russian Federation’s actions unacceptably run counter to the FATF core principles aiming to promote security, safety and the integrity of the global financial system.
“They also represent a gross violation of the commitment to international cooperation and mutual respect upon which FATF members have agreed to implement and support the FATF standards,” the body added.