The Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog, has added Gibraltar to its gray list. At the same time, it has also removed Malta from the list.
In a June 17 press conference, FATF Chairman Marcus Pleyer explained that the international group adds jurisdictions to its grey list if it concludes they have “strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.”
He added that as a result, Gibraltar has adopted an action plan to up its enforcement against money laundering. “This is important as the gambling sector in Gibraltar is large and is aimed at foreign jurisdictions,” he said.
In remarking on Malta’s removal from the list, Pleyer said the island nation had “substantially completed its action plan” but added, “That doesn’t mean there isn’t more work to do. Going forward, the FATF strongly encourages Malta to continue improving its system.”
