Gibraltar: FATF Endorses Gibraltar’s Robust Anti-money Laundering Regime
Last Updated: 22 November 2002

Joint Press release from the Government of Gibraltar and the Financial Services Commission

In a recent report, the Financial Action Task Force (FATF) has endorsed the anti-money laundering regime in place on the Rock. The ‘Mutual Evaluation Report on Gibraltar’ was produced by the FATF under the aegis of the Offshore Group of Banking Supervisors (OGBS), of which Gibraltar is a member.

The FATF has concluded that Gibraltar has a comprehensive legal framework and administrative arrangements in place to fight money laundering, and it recognises the commitment of the Government and the Authorities in Gibraltar in that regard. The report states:

"Gibraltar has in place a robust arsenal of legislation, regulations and administrative practices to counter money laundering. The authorities clearly demonstrate the political will to ensure that their financial institutions and associated professionals maximise their defences against money laundering, and cooperate effectively in international investigations into criminal funds. Gibraltar is close to complete adherence with the FATF 40 Recommendations."

Keith Azopardi, Deputy Chief Minister and Minister for Trade, Industry & Telecommunications commented:

"Following on from the endorsement received from the International Monetary Fund (‘IMF’) in March this year, which described Gibraltar as being ‘at the forefront of good practices’ in financial regulation, the Government of Gibraltar is delighted with the fact that another international body has been to the Rock and has produced another independent assessment giving Gibraltar a clean bill of health, this time in the area of anti-money laundering."

Martin Fuggle, the Financial Services Commissioner said:

" This is the second external, thorough and independent review conducted of Gibraltar recently. Coupled with the IMF assessment published earlier this year, it provides a comprehensive view of the regulatory standards and arrangements in Gibraltar.

"Central to all of this is a need for all institutions to undertake thorough due diligence on their clients and customers, and, for instance, to be alert to changed patterns of behaviour. The fight against money laundering is, however, a continuing one. There will undoubtedly be a need to keep pace with developing international standards and expectations."

The full report is available at www.gibraltar.gov.gi and www.fsc.gi

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  1. The FATF team visited Gibraltar on April 25-27, 2001, and met with representatives of the Government of Gibraltar, the Financial Services Commission, the Attorney General, the Gibraltar Co-ordinating Centre for Criminal Intelligence and Drugs (GCID), the Gibraltar Financial Intelligence Unit (GFIU), the Royal Gibraltar Police and Customs, as well as with representatives of the financial sector.
  2. The team has expressed apologies for the delay in completion of the report, which was due to conflicting priorities (particularly post the tragic events of 11th September 2001) and work assignments imposed on several of the team members upon their return to their offices, and is in no way a reflection of any lack of co-operation on the part of any of the Gibraltar authorities.
  3. In advance of the meetings, the team had received a full response to the evaluation questionnaire, which was supplemented by copies of legislation, regulations, guidance notes, and other detailed material provided before, during, and after the visit.
  4. The Financial Action Task Force (FATF) was established by the G7 summit in Paris in 1989 to examine measures to combat money laundering. In April 1990, the FATF issued a report containing a programme of 40 Recommendations in this area. The Recommendations are designed to provide a comprehensive blueprint for action against money laundering covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. The Recommendations were modified in 1996 and a process of consultation is currently under way with a view to effecting further modifications.

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