The British Overseas Territory of Gibraltar has improved its measures for tackling money laundering and terrorist financing, according to a follow-up report released today by Council of Europe experts.
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (known as MONEYVAL) found, in particular, that Gibraltar had aligned its legislation with provisions of relevant international agreements, as required by Recommendation 36 of the Financial Action Task Force (FATF).
As a consequence, MONEYVAL has re-rated the jurisdiction from being ‘Partially Compliant’ to ‘Largely Compliant’ with this recommendation. As a result, MONEYVAL terminated its follow-up procedure vis-à-vis Gibraltar under its 5th round of evaluations.
Since December 2019, the United Kingdom has extended UN conventions on suppressing the financing of terrorism and against corruption to Gibraltar in December 2019. Gibraltar subsequently adopted legislative acts and other measures to fully implement the UN convention against the illicit traffic in narcotic drugs and psychotropic substances.
Out of 40 recommendations from the FATF, Gibraltar currently has 23 recommendations rated ‘Compliant’ and 17 recommendations rated ‘Largely Compliant’.
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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. MONEYVAL evaluates 33 states and territories and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems and to counter proliferation financing.
