FATF Gives Gibraltar A Clean Bill Of Health

Tax-News.com, London

22 November 2002

The Government of Gibraltar's Financial Services Commission yesterday issued a statement on the FATF's recent inspection of the Rock's financial services sector. The government says that in its report the Financial Action Task Force (FATF) endorsed the anti-money laundering regime in place on the Rock.

The ‘Mutual Evaluation Report on Gibraltar’ was produced by the FATF under the aegis of the Offshore Group of Banking Supervisors (OGBS), of which Gibraltar is a member.

The FATF has concluded that Gibraltar has a comprehensive legal framework and administrative arrangements in place to fight money laundering, and it recognises the commitment of the Government and the Authorities in Gibraltar in that regard. The report states:

“Gibraltar has in place a robust arsenal of legislation, regulations and administrative practices to counter money laundering. The authorities clearly demonstrate the political will to ensure that their financial institutions and associated professionals maximise their defences against money laundering, and cooperate effectively in international investigations into criminal funds. Gibraltar is close to complete adherence with the FATF 40 Recommendations.”

Keith Azopardi, Deputy Chief Minister and Minister for Trade, Industry & Telecommunications commented:

“Following on from the endorsement received from the International Monetary Fund (‘IMF’) in March this year, which described Gibraltar as being ‘at the forefront of good practices’ in financial regulation, the Government of Gibraltar is delighted with the fact that another international body has been to the Rock and has produced another independent assessment giving Gibraltar a clean bill of health, this time in the area of anti-money laundering.”

Martin Fuggle, the Financial Services Commissioner said:

“ This is the second external, thorough and independent review conducted of Gibraltar recently. Coupled with the IMF assessment published earlier this year, it provides a comprehensive view of the regulatory standards and arrangements in Gibraltar.

“Central to all of this is a need for all institutions to undertake thorough due diligence on their clients and customers, and, for instance, to be alert to changed patterns of behaviour. The fight against money laundering is, however, a continuing one. There will undoubtedly be a need to keep pace with developing international standards and expectations.”

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