The Financial Action Task Force (FATF) announced yesterday that it has placed Gibraltar on the ‘grey list’ of jurisdictions subject to enhanced surveillance due to its exposure to money laundering.
The Gafi, a Paris-based intergovernmental body that promotes the fight against crimes linked to the international financial system, has taken this decision after finding “significant deficiencies” in the British colony.
Gafi chairman Marcus Pleyer told a press conference at the end of the organisation’s plenary meeting that “Gibraltar needs to take a number of measures, particularly by targeting actors in the financial system, especially gaming operators and lawyers. Pleyer called for more controls in the gaming and real estate sectors.
Gibraltar, often regarded as a tax haven, responded yesterday to the decision by specifying that the supervision referred to by the Gafi concerns only two points: the prosecution of regulatory sanctions and the prosecution of final confiscation judgments.
In a note issued by the Gibraltar government, it is stated that these points are included in the FATF Action Plan that Gibraltar must complete by May 2023. “The Government of Gibraltar fully accepts this Plan of Action, as identified by the FATF, and is committed, at the highest political level, to demonstrating full compliance by the deadline,” the note states.