The Financial Action Task Force (FATF) announced the addition of Gibraltar to its list of jurisdictions working with the organization to improve the countering of money laundering, terrorist financing, and proliferation financing within their borders.
The latest update to the FATF’s “grey list,” announced June 17, also included the removal of Malta as a country subject to increased monitoring. With the changes, the list remains at 23 jurisdictions with strategic deficiencies identified.
The FATF urges its members to review its list and consider its findings in their risk analysis.
Gibraltar’s commitment to strengthen the effectiveness of its anti-money laundering/combating the financing of terrorism (AML/CFT) regime is focused on improving its enforcement efforts. The FATF called upon the U.K. territory to ensure effective and proportionate penalties for AML/CFT breaches against nonbanks and other businesses and demonstrate more active pursuit of final confiscation judgements “through criminal or civil proceedings based on financial investigations.”
Areas where Gibraltar has improved in recent years include addressing technical deficiencies in recordkeeping, enhancing transparency, and refining its money laundering investigation policy in line with risks, the FATF noted.
Malta was removed from the list after being identified in June 2021. The country has strengthened the effectiveness of its AML/CFT regime in relation to “the detection of inaccurate company ownership information and sanctions on gatekeepers who fail to obtain accurate beneficial ownership information, as well as the pursuit of tax-based money laundering cases utilizing financial intelligence,” the FATF said.
Jurisdictions that remain on the list despite having their progress reviewed since March include Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Haiti, Jamaica, Jordan, Mali, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Turkey, and Uganda.