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19th February 2024, 19:06

​Gibraltar hopeful of removal from FATF 'grey' list this week

Published by GBC News

Gibraltar could know this week whether it's been removed from the FATF grey list. The Financial Action Taskforce meets in Paris this week for a plenary session.

In June, Gibraltar will have been on the grey list of high risk jurisdictions for two years. Over this time, work has been ongoing to comply with the two outstanding recommendations highlighted in a MONEYVAL report.

But what has being on the greylist meant for Gibraltar. Banking has been one of the sectors to have had it tough- Basically the fact that as a jurisdiction we're deemed high risk- all transactions are under a spotlight with this presenting challenges in resources.

Last year the global money laundering and terrorist financing watchdog confirmed Gibraltar had substantially completed its action plan and was on track for de-listing. The Government is hopeful of a positive outcome but the benefits could take some time to trickle down.

A FATF team was sent to the Rock for an on-site assessment. Minister for Trade and Industry, Nigel Feetham continues to chair meetings of the local working group, saying the Government continues focused and committed to Gibraltar's continued compliance with FATF standards.