Gibraltar to be removed
from the FATF grey list

Update: 23 February 2024: Great news today Gibraltar has been removed from the FATF Grey List. This also removes Gibraltar from the UK Grey List. The EU list should follow very soon. This change will make it easier for prospective clients (and their investors) to choose Gibraltar and for existing clients to work with a wider range of financial institutions more easily.

“The FATF plenary congratulated Barbados, Gibraltar, Uganda and the United Arab Emirates for their significant progress in addressing the strategic AML/CFT deficiencies previously identified during their mutual evaluations. These jurisdictions had committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes. These countries will no longer be subject to the FATF’s increased monitoring process.
This comes after a successful on-site visit to each of these countries. Each country will work with the FATF-Style Regional Body, of which it is a member, to continue strengthening their AML/CFT/CPF regimes.”

https://lnkd.in/embjvZpc

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Nigel Feetham KC and Minister for Justice, Trade and Industry, HM Government of Gibraltar  (Gibraltar Socialist Labour Party) today announced that Gibraltar has completed its obligations in respect of the ongoing FATF review of Gibraltar.

“The FATF President Mr T Raja Kumar has today confirmed that Gibraltar has satisfied its action plan and is now programmed, subject to an onsite inspection, to be removed from the FATF Grey list at its next Plenary session scheduled to take place in February 2024.

The Onsite inspection is the final step in the process before a removal from the grey list can be affected. Gibraltar has now made the progress required by the FATF.”

This is very welcome news for Gibraltar. We are a small, strong and diverse community of only 35,000 people with English law as our base and UK regulatory standards. The impact of being on the grey list was complex and made life harder for the many compliant businesses in all sectors that are based here.

This timing also enables Gibraltar to be removed from the EU grey list. Well done to Nigel Feetham, Albert Isola, David Parody and everyone in Gibraltar that was involved.

If you are a bank, financial institution or other regulated entity interested in discussing the impact or in moving to Gibraltar please get in touch. 

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Does not seem right to end without a celebratory generative AI image 🙂