FATF removes Gibraltar from grey list

In a significant development for financial regulatory oversight, Gibraltar has recently been announced as one of the jurisdictions no longer on the Financial Action Task Force's (FATF) grey list. This decision came after the conclusion of the FAFT Plenary, held from 21-24th February.

Joining Gibraltar in this positive shift are Uganda, Barbados, and the United Arab Emirates. The decision to remove these jurisdictions from the grey list reflects the progress they have made in addressing anti-money laundering (AML) and counter-terrorist financing (CFT) concerns highlighted in previous evaluations. Notably, all four jurisdictions had committed to and successfully implemented an Action Plan aimed at resolving identified issues within specified timelines.

During the Plenary, Kenya and Namibia found themselves newly added to the grey list, known officially as the list of Jurisdictions Under Increased Monitoring. There were no additions to the highest-risk category, the High-Risk Jurisdictions subject to a Call for Action.

In addition to these developments, Elisa de Anda Madrazo was appointed as the next president of the FAFT for a two-year term, effective from 1st July 2024. She previously served as the FAFT vice president from 1st July 2020 to 30th June 2023.

Gibraltar's journey with the grey list has been a prolonged one. Initially placed on the list in June 2022, the jurisdiction faced a two-year battle with the FATF. Despite initial uncertainties expressed by Andrew Lyman, Gibraltar's gambling commissioner, regarding the reasons behind its placement on the grey list, the jurisdiction swiftly adopted a comprehensive action plan aimed at addressing concerns.

In October 2022, Gibraltar's government said ti would defer reporting on its progress from being removed from the FATF grey list, and on the following February, the jurisdiction was confirmed to remain on the grey list, despite some improvements being noted.

In June 2023, Gibraltar was warned about missing its May 2023 deadline to complete its action plan. Since then, it has addressed sufficient action points to warrant its removal from the grey list.