Gibraltar is scrambling to take action and get itself removed as soon as possible from the Financial Action Task Force’s grey list. The global anti-money laundering body added Gibraltar to this list because of certain failings related to the territory’s gambling industry.
The grey list contains countries and regions which are under “increased monitoring” for money laundering suspicions.
The organization finds that they have “strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing”.
Last year, the FAFT added Malta to its list, along with Haiti, South Sudan and the Philippines.
On Friday, it was announced that Gibraltar would be added to the list, but Malta is being removed after successful completing an action plan that was presented to the country last year.
As a result of the action plan, Malta made substantial reforms, including the involvement of its Financial Intelligence Unit to pursue money laundering cases.
Gibraltar has also vowed to adopt an action plan so that it can get itself removed from the grey list.
As per the chair of FATF, Marcus Pleyer: “Gibraltar needs to take a number of steps including focusing on gatekeepers to the financial system, including gambling operators and lawyers. At the moment, supervisors are not applying sufficient fines for anti-money laundering failings.”