On 17th June 2022, the Financial Action Task Force (FATF), identified Gibraltar as a jurisdiction under increased monitoring in respect of only two points; being regulatory sanctions and final confiscations.
The above points are contained within the FATF Action Plan that Gibraltar needs to complete by May 2023 and HM Government of Gibraltar has fully accepted this Action Plan as recognised by the FATF and is committed, at the highest political level, to show full compliance within the timescale given.
In December 2022, ahead of the May 2023 deadline, Gibraltar voluntarily sent an update report so that it could be considered by the review team and the progress made be taken into account.
HM Government of Gibraltar is pleased to note that the FATF has agreed that:
- Supervisors in Gibraltar are now using a range of effective, proportionate, and dissuasive sanctions for AML/CFT breaches.
- Gibraltar should continue to show that it is able to pursue more final confiscation judgments commensurate with the risk and context of Gibraltar.
In effect, this means that the original Action Plan consisting of two points has now been reduced to one; being the pursuit of more final confiscations.
The Gibraltar authorities will next report on further progress this coming May 2023, which is in accordance with the timeframe set by the FATF.
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.
Government commends the good work of its Regulatory Authorities and Law Enforcement agencies as they work to meet the requirements of the Action Plan.