19 Feb, 2024 @ 17:00
1 min read

Fingers crossed on the Rock that Gibraltar will finally be removed from FATF’s money laundering ‘grey list’ this week

GIBRALTAR has high hopes that it will finally be removed from the Financial Action Task Force’s ‘grey list’ when the group meets in Paris this week.

The Rock was placed on the watch list of the global money laundering and terrorist financing watchdog in June 2022.

Since then, officials have strived to comply with 98 recommendations to tighten the holes in its money laundering, terrorist financing, and proliferation financing processes.

FATF announced in October that Gibraltar had ‘substantially completed’ its action plan and agreed to send an inspection team in person to check compliance.

It originally fell foul over two issues: the need for more robust regulatory sanctions – particularly in the legal and gambling sectors – and the need for more effective final asset restraints arising from money laundering investigations by law enforcement agencies. 

“As we continue our planning, we remain focused and committed to Gibraltar’s continued compliance with FATF standards in our efforts to secure Gibraltar’s delisting and always remaining white-listed,” said Nigel Feetham, the Minister for Justice, Trade and Industry.

“A huge amount of work and effort has and is being put into this.”

Many were shocked when Gibraltar slipped onto the grey list over two key issues.

FATF said Gibraltar needed to be tougher in punishing businesses that don’t comply with the jurisdiction’s rules, especially in legal and gambling sectors. 

They also wanted Gibraltar to do better at confiscating assets gained from money laundering. 

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Walter Finch

Walter Finch, who comes from a background in video and photography, is keen on reporting on and investigating organised crime, corruption and abuse of power. He is fascinated by the nexus between politics, business and law-breaking, as well as other wider trends that affect society.
Born in London but having lived in six countries, he is well-travelled and worldly. He studied Philosophy at the University of Birmingham and earned his diploma in journalism from London's renowned News Associates during the Covid era.
He got his first break in the business working on the Foreign News desk of the Daily Mail's online arm, where he also helped out on the video desk.
He then decided to escape the confines of London and returned to Spain in 2022, having previously lived in Barcelona for many years.
He took up up a reporter role with the Olive Press Newspaper and today he is based in La Linea de la Concepcion at the heart of a global chokepoint and crucial maritime hub, where he edits the Olive Press Gibraltar edition.
He is also the deputy news editor across all editions of the newspaper.

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