Financial watchdog urges Gibraltar confiscate more suspicious accounts in money laundering fight

A FINANCIAL watchdog has cut down to just one point what Gibraltar needs to do to set it free from the tax haven grey list.

The Financial Action Task Force (FATF) put the British overseas territory under the microscope for regulatory sanctions and final confiscations in June 2022.

It set Gibraltar’s government an action plan for its agencies to make the changes to its financial system to carry out by May 2023.

The Rock’s authorities sent an update report in December 2022.

Now, FATF are only asking Gibraltar to carry out more final confiscations of suspicious accounts.

The task force reported Gibraltar is ‘now using a range of effective, proportionate, and dissuasive sanctions’ for money laundering and terror financing.

“Gibraltar should continue to show that it is able to pursue more final confiscation judgments commensurate with the risk and context of Gibraltar,” the FATF told the government.

The government will present a new report to the FATF in May 2023.

If successful, the FATF will be able to remove Gibraltar from the grey list of territories.

“Gibraltar continues to work closely with the FATF and is proud of the relationship that it has with this international standard setting body,” the government said.

“Government commends the good work of its Regulatory Authorities and Law Enforcement agencies as they work to meet the requirements of the Action Plan.”

The FATF office is located at the OECD (Organisation for Economic Cooperation and Development) HQ in Paris, France.


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