Gibraltar set for FATF grey list removal in February 2024
Financial Action Task Force to send officials to igaming hub for on-site check to ratify changes across AML and CTF processes
Gibraltar is set to be removed from the Financial Action Task Force’s (FATF) February 2024 grey list following substantial progress from the British Overseas Territory.
Gibraltar has been on the financial watchdog’s grey list since June 2022 after FATF established the igaming hub had deficiencies in its processes to counter money laundering, terrorist financing and proliferation financing (AML/CFT).
However, at a FATF plenary last week, the body made an “initial determination” that Gibraltar had “substantially completed its action plan” to be removed from the grey list.
FATF officials will visit Gibraltar before the next plenary, in February 2024, to conduct an on-site assessment to verify the reforms are being actioned.
In a note confirming Gibraltar’s temporary place on the grey list, the FATF noted the key gains the hub had made.
The FATF said: “Gibraltar has made the following key reforms, including applying effective, proportionate and dissuasive sanctions for AML/CFT breaches in non-bank financial institutions and DNFBPs [designated non-financial business and professions] sectors; and pursuing final confiscation judgements commensurate with the risk and context of Gibraltar.”
Gibraltar Minister for Justice, Trade and Industry Nigel Feetham said: “Everyone in Gibraltar will be delighted by this news and warmly welcome this highly positive outcome.
“I wish to thank all of those authorities who have worked tirelessly in this process and continue to support us in our work to address these action points and remove Gibraltar from the grey list at the earliest possible opportunity.
“We now look forward to welcoming the inspectors for the on-site visit in the coming months and the subsequent confirmation by FATF of Gibraltar’s removal from the grey list in February 2024.
“We have totally committed to this process, and look forward to continuing to engage with the FATF as we further develop our strategies in our fight against economic crime,” the minister added.
Politicians in Gibraltar clashed in June after the Territory missed out on being removed from the grey list in June