On 17th June 2022, the Financial Action Task Force (FATF), following an extensive review over a number of years, identified Gibraltar as a jurisdiction under increased monitoring in respect of only two points relating to:
1. Pursuing regulatory sanctions
2. Pursuing final confiscation judgements
The above points are contained within the FATF Action Plan that Gibraltar needs to complete by May 2023.
HM Government of Gibraltar fully accepts this Action Plan as identified by the FATF and is committed, at the highest political level, to show full compliance within the timescale given.
Gibraltar’s published Mutual Evaluation Report by Moneyval originally contained seventy eight recommended actions.
This latest review has therefore reduced the number of outstanding recommended actions to two.
HM Government of Gibraltar’s understanding is that Gibraltar’s final Action Plan is the shortest (being only two points) of any country or jurisdiction that has been identified as under the increased monitoring process.
HM Government of Gibraltar continues to work closely with the FATF and is proud of the relationship that it has with this international standard setting body which we believe is mutually beneficial and designed to deliver the highest standards in our jurisdiction.