FATF Whitelists Gibraltar, Removes It From Grey List

In June 2023, despite the Financial Action Task Force’s (FATF) clear acknowledgment of Gibraltar’s progress in addressing its strategic deficiencies and complying with global anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, the territory was not kicked off the Grey List of countries under increased monitoring.

At the end of last week, the territory’s government, using the voice of Chief Minister, the Hon Fabian Picardo KC MP, confirmed that Gibraltar had been finally taken off the Grey List and whitelisted by the FATF during the plenary held in Paris between February 21-23. 

Gibraltar Made “Significant Progress” 

The highly important announcement is a clear reflection of the territory’s commitment to meeting all international AML and CTF standards.

This has been confirmed by FATF’s president, T. Raja Kumar, who spoke about Gibraltar’s “significant progress” and successful completion of its action plan which led to its removal from the Grey List.

This has been possible through several robust measures and strict assessments addressing its action plan under the close monitoring of several Law enforcement agencies, Prosecution services, and regulatory bodies. 

The fresh whitelisted status makes the territory a “responsible and transparent financial center” aimed at constantly upholding the highest compliance standards.

“We Have Worked Hard, Very Hard”

The Chief Minister, the Hon Fabian Picardo KC MP, called it “very welcome news” while expressing delight that their ongoing work and political commitment in relation to future development has been finally acknowledged.

He also expressed gratitude for the contribution of all of the involved authorities and agencies as well as the private sector “that has wholeheartedly joined us in our fight against economic crime.”

Finally, he described Gibraltar’s FATF whitelisting as something that will not only enhance the territory’s reputation but also further secure its position as a “trusted and compliant international financial center.” 

The Hon Nigel Feetham KC MP, who is Gibraltar’s Minister for Justice, explained that he gave his “personal commitment” in October 2023 that they would be kicked off the Grey List and set to the White List as soon as possible. 

“We have worked hard, very hard, to deliver this and I am sincerely grateful to all the team that has made this possible”, added Feetham while giving them to relevant public servants as well as his former ministerial colleagues Albert Isola and Samantha Sacramento for their hard work and efforts toward their goal.