During the Plenary of the FATF held between the 14th and 17th of June 2022, it was announced that Gibraltar has been added to the FATF Grey list. Gibraltar now forms part of the list of countries which are subject to increased monitoring.
The FATF has stated:
“In June 2022, Gibraltar made a high-level political commitment to work with the FATF and MONEYVAL to strengthen the effectiveness of its AML/CFT regime. Since the adoption of its MER in December 2019, Gibraltar has made progress on a significant number of its MER’s recommended actions, such as completing a new national risk assessment, addressing the technical deficiencies in relation to BO-related record keeping, introducing transparency requirements for nominee shareholders and directors, strengthening the financial intelligence unit, and refining its ML investigation policy in line with risks. Gibraltar should work on implementing its action plan, including by: (1) ensuring that supervisory authorities for non-bank financial institutions and DNFBPs use a range of effective, proportionate, and dissuasive sanctions for AML/CFT breaches; and (2) demonstrating that it is more actively and successfully pursuing final confiscation judgements, through criminal or civil proceedings based on financial investigations.”
The list of jurisdictions with strategic deficiencies and subject to increased monitoring as of June 2022 is made up of:
Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Gibraltar, Haiti, Jamaica, Jordan, Mali, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Turkey, Uganda, United Arab Emirates and Yemen.
Under the Maltese AML regulatory framework, compliance officers and MLROs are obliged to carry out enhanced due diligence procedures when dealing with grey listed jurisdictions.
Please contact us if you require further information.
Franco Falzon C.P.A. LL.M
Tel: +356 2010 7771
Mobile: +356 9989 5679
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