Gibraltar nears Grey List removal

GIBRALTAR is close to removal from the Grey List.

Countries on the Grey List are those which the Financial Action Task Force (FATF) considers are failing to prevent illegal activities that include international money laundering or other threats to the integrity of the international financial system.

T Raja Kumar, the FATF president, confirmed that Gibraltar had satisfied its action plan and, subject to an onsite inspection, was due to be removed from the Grey List at FATF’s next Plenary session in February 2024.  An onsite inspection is the final step prior to taking a country off  the list.

The news would be widely welcomed by the community and was further evidence of the measures that the authorities had taken to meet FATF standards, Gibraltar government sources said..

“Everyone in Gibraltar will be delighted by this news and warmly welcome this highly positive outcome,” commented  Justice, Trade and Industry minister Nigel Feetham, as he addressed a FATF plenary meeting in Paris on the morning of October 27.

“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,” the minister said.

“We now look forward to welcoming the inspectors for the onsite 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.”