Gibraltar insists it has made substantial FATF de-listing progress
Igaming hub confirms it has met one of two financial watchdog’s action points, with the second to be addressed before the May 2023 deadline
Gibraltar has stated it has made significant progress towards meeting the action points set out by the Financial Action Task Force (FATF) after being grey listed in June 2022.
The Mediterranean island was confirmed to still be on FATF’s grey list in the watchdog’s update last week.
In response, the British overseas territory has said it has made good headway in accordance with the action plan agreed with FATF in June.
This action plan included ensuring that supervisory authorities for non-bank financial institutions and designated non-financial businesses and professions use a range of effective, proportionate, and dissuasive sanctions for anti-money laundering breaches.
This is something that FATF has agreed has improved upon and leaves Gibraltar with one point of the action plan to tick off.
The remaining action is for Gibraltar to demonstrate that it is more actively and successfully pursuing confiscation judgements through criminal or civil proceedings based on financial investigations.
While Gibraltar voluntarily reported its progress in December 2022, the peninsula, will further report on its progress towards moving off the grey list in May 2023, in accordance with the timeframe specified by FATF.
Speaking to EGR, Andrew Lyman, Gibraltar’s gambling commissioner, said: “Whilst Gibraltar continues to work with the FATF to be removed from the grey list, the FATF has recognised that all supervisors, including the Gibraltar Gambling Division, are now imposing proportionate and dissuasive sanctions for regulatory breaches.
“One action plan point still needs to be addressed relating to civil and criminal confiscation cases. Progress on this action point may be assessed at the FATF plenary in June, dependent on progress.”