The European Parliament has voted to remove Gibraltar from its AML grey list, a move welcomed by the country’s Government.
Previous efforts to remove Gibraltar from the list had been met with friction from a section of Spanish MEPs.
However, in the latest round of removals from the list, Gibraltar has joined the United Arab Emirates in succeeding in being taken off the list.
The Minister for Trade, Justice and Industry, Nigel Feetham, stated: “The news today that the European Parliament has rejected objections to the update of the EU list brings an end to the uncertainty about Gibraltar’s merited delisting, which should have happened over a year ago following our delisting by the FATF.
“This is testament to the work undertaken by my Ministry to bring Gibraltar to the vanguard of the fight against money laundering and counterterrorist financing, and Gibraltar’s reputation as a world-leading financial centre has been rightfully restored. It is clear too that our engagement with partners in Brussels, both with the European Commission and the European Parliament, has worked to produce the result that we have worked so hard to obtain.
“Our work does not end here though. We will not rest on our laurels. We will continue to improve and are committed to maintaining the highest international standards and working constructively with our European and international partners.”
It’s a move that is a testament to Gibraltar’s efforts to clean its overall economy and gambling sector.
The Gibraltar Financial Intelligence Unit (GFIU) recently announced the strengthening of its fight against financial crime through a collaboration with the regional INTERPOL sub-bureau.
Key to the collaboration and the new strategy for securing a positive ecosystem in Gibraltar is the utilisation of INTERPOL’s Global Rapid Intervention of Payments (I-GRIP) mechanism, which seeks to swiftly identify, freeze, and recover illicit funds before criminals can move them beyond reach.
The Commissioner of Police, Richard Ullger, stated at the time: “Financial crime is a growing threat, often involving international networks that seek to exploit legal and jurisdictional gaps. By joining forces with INTERPOL and integrating I-GRIP into our enforcement strategy, we are reinforcing our ability to disrupt criminal activities, giving our officers at the Economic Crime Unit another tool at their disposal.”
