Gibraltar Poised for FATF Grey List Removal in February 2024: Gibraltar, the British Overseas Territory located at the southern tip of the Iberian Peninsula, is on the verge of celebrating a significant milestone in its efforts to combat illicit financial activities.
After several years of determined reforms and rigorous scrutiny, Gibraltar is expected to finally shed its position on the Financial Action Task Force’s (FATF) grey list in February 2024.
Gibraltar Poised for FATF Grey List Removal
This development not only represents a considerable triumph for Gibraltar but also underscores its commitment to upholding international standards in combating money laundering and terrorist financing.
The Journey Towards FATF Grey List Removal
Since being placed on the FATF’s grey list in 2019, Gibraltar has embarked on an arduous journey to fortify its financial regulatory framework and address the concerns raised.
The grey list designation, signifying deficiencies in anti-money laundering and counter-terrorist financing measures, was a wake-up call for Gibraltar to bolster its controls and enhance collaboration with international stakeholders.
The Gibraltar government responded swiftly, undertaking extensive reforms and establishing a multi-pronged approach to overcome the FATF’s concerns.
Gibraltar Poised for FATF Grey List Removal: What is its focus?
It began by revising legislation to align with international standards, focusing on enhancing transparency, enhancing customer due diligence, and strengthening the registration and supervision of financial institutions operating within its jurisdiction.
Gibraltar also prioritized cooperation and information sharing, working closely with FATF and other global regulatory bodies to ensure effective levelling of standards.
The territory bolstered its capacity to combat financial crime through close collaborations with law enforcement agencies, financial intelligence units, and international partners, thus facilitating a more efficient and timely exchange of information.
Noteworthy Achievements
Gibraltar’s commitment to combating illicit financial activities has yielded remarkable achievements, providing the foundation for its anticipated removal from the FATF grey list. Among the significant milestones are:
1. Legislative Reforms: Gibraltar has introduced a series of comprehensive legislative reforms to align itself with international standards, particularly the FATF recommendations.
These reforms encompass a wide range of areas, including anti-money laundering, combating terrorist financing, and strengthening financial oversight.
2. Enhanced Supervision and Regulation: The Gibraltar Financial Services Commission (GFSC) has strengthened its supervisory and regulatory mechanisms to ensure stringent adherence to international best practices in banking, insurance, gaming, and other sectors.
The GFSC has focused on conducting thorough risk assessments and reviews of licensed entities, instilling confidence and promoting the integrity of Gibraltar’s financial system.
3. Technological Innovations: In recognizing the importance of technological advancements in financial services, Gibraltar has actively embraced fintech and blockchain initiatives.
By promoting digital innovation, Gibraltar aims to remain at the forefront of international financial services while ensuring robust Anti-Money Laundering (AML) and Know Your Customer (KYC) controls in these emerging sectors.
4. International Collaboration: Gibraltar has forged strong partnerships and collaborations with regulatory bodies worldwide to effectively combat cross-border financial crimes.
By sharing intelligence and working together with international agencies, Gibraltar has demonstrated its commitment to global cooperation in combating money laundering and terrorist financing.
The anticipated removal of Gibraltar from the FATF grey list in February 2024 is not only a significant achievement for the territory but also an affirmation of its unwavering commitment to international standards of financial regulation.
Gibraltar Poised for FATF Grey List Removal: What reforms have you carried out?
Gibraltar’s determined efforts to address deficiencies and implement comprehensive reforms over the past few years have borne fruit, leading to improved supervision, enhanced legislation, and increased international cooperation.
As Gibraltar emerges from the shadow of the FATF grey list, it is poised to reclaim its reputation as a trusted and reliable jurisdiction for financial transactions.
Its success story is an inspiration for other nations grappling with similar challenges, showcasing that through dedication, reforms, and international collaboration, effective measures can be taken to combat illicit financial activities.
Gibraltar’s journey towards FATF grey list removal serves as a testament to the territory’s willingness to evolve, adapt, and uphold highest standards of financial integrity.
With continued vigilance and the reinforcement of its regulatory framework, Gibraltar is poised to contribute positively to global efforts against financial crime, while maintaining a thriving and robust financial sector.
Gibraltar Poised for FATF Grey List Removal: Now is a good time to invest in property in Gibraltar
Buying property in Gibraltar is relatively simple and is very much based on the English conveyance procedure. Once you have selected the property you wish to acquire and agreed on a purchase price with the vendor a 2% deposit payment is made to secure the property.
The deposit is usually held by the agent as stakeholders in a client deposit account and will be fully refundable should the sale not be completed for whatever reason.
Gibraltar Properties for Sale are divided into three main categories.
1. New Developments aimed principally at wealthy buyers, sold off plan with a phased payment profile to align with the completion of the building. This enables the investor to either keep or flip an onward sale before the completion.
2. Restricted Developments, new and existing which were built in cooperation with the government to offer affordable housing for those with fewer funds.
These properties whether for Resale or Off plan are usually cheaper but this is because they come with restrictions ie 3-year residency requirement and inability to sublet.
3. Older-style properties once owned by the British Armed Forces that are being renovated for sale. These are classified in Gibraltar as properties for Resale.
CENTURY 21 GIBRALTAR is part of one of the world’s largest networks of estate agents, with around 8,000 offices and 111,000 sales professionals spanning 81 countries worldwide yet we bring a wealth of local knowledge.
It has been established in Gibraltar since 2012. We provide a full range of Property and Estate Management Services including Property Sales and Rentals, Commercial/Retail, New Development, and Investor Support Services.
For further information, please get in touch with our Sales Team:
Tel: (+350) 56285000 – Email: sales@century21gibraltar.com
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