The report is the result of the visit by a team of nine evaluators from the IMF to Gibraltar in March last year. The team conducted an extensive review of the Financial Services Commission’s regulatory and supervisory practices in the fields of Banking and Insurance, as well as a jurisdiction-wide review of the Anti-Money Laundering and Terrorist Financing Regime, which also included the FSC, as well a large number of enforcement agencies and Government Departments.

In all three areas Gibraltar was found to be meeting international standards, and was found to be ahead of many onshore - and much larger - finance centres.

However, the report made a number of recommendations for further improvements, which have been fully accepted by the government and the FSC. The government said that most of these had already been identified and are presently being actioned.

Commenting, Chief Minister Peter Caruana, who is responsible for financial services stated that: “Government is committed to continuing to pursue a policy of proper balance between demanding the highest regulatory standards from the providers of financial services and providing an attractive jurisdiction for the conduct of profitable, safe and competitive financial services."

"In this connection the Government welcomes external assessments such as the IMF Review to maintain an independent view of Gibraltar’s performance and to identify what we need to do to stay at the front of the pack as a leading jurisdiction in this ever changing industry. I congratulate all those in the Finance Centre Department, in the Financial Services Commission and in law enforcement agencies, for this excellent result from which our finance centre will benefit still further.”