John Culatto
GIBRALTAR could be removed from the Tax Haven Grey List in February 2024 after being inspected by the Financial Action Task Force (FATF).
The long-awaited news comes after Minister for Justice, Trade and Industry Nigel Feetham gave a speech to the global body in Paris on what the Rock had done to fight money laundering locally.
FATF President Raja Kumar confirmed Gibraltar’s government and enforcement had carried out its action plan and done enough to warrant being whitelisted.
It marks a successful end to a week in which Minister Feetham engaged top financiers in London for Gibraltar Day.
He said Gibraltar would be ‘delighted by the news’ of this ‘highly positive outcome’.
“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,” Feetham said.
The government has passed legislation to clamp down on risks of both money laundering and terror financing.
The Gibraltar Regulatory Authority and the police’s own financial crimes unit has stepped up prosecuting criminal activity on the Rock.
“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,” added Feetham.
“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.”
READ MORE:
- Gibraltar works to fight financial crime link with tax fraud after failing to overturn FATF greylisting
- Gibraltar’s financial crime unit attributes Project Nexus outreach for rise in money laundering reports
- Financial watchdog urges Gibraltar confiscate more suspicious accounts in money laundering fight
- Gibraltar placed on ‘grey list’ by global money laundering and terrorist financing watchdog
