Report published on anti-money laundering and combatting terrorist financing in Gibraltar

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 Thursday, February 13, 2020 - 11:57

The government says it notes that the committee of experts on the evaluation of anti-money laundering measures and the financing of terrorism (Moneyval) has now published its Mutual Evaluation Report (MER) on Gibraltar, and adds that this evaluation has been carried out at the express request of the Government of Gibraltar 'in order for us to better understand the areas in which we are progressing well and the areas which require additional work and resources.'

The report details the very significant amount of areas with which Gibraltar is compliant or largely compliant, particularly in our legislative framework and standards. This is an important recognition of the excellent work Gibraltar has done in improving the legislative framework and something of which the Government is rightly proud.

DISAPPOINTED

The Government is nonetheless disappointed that we have not achieved higher ratings in demonstrating our effectiveness in the implementation of the same, some of which were considered to be much deserved.

Separately, the Government is pleased to announce that a specific remediation programme has already been commenced so as to address the action points and recommendations contained in the review.

As such, the Gibraltar Authorities look forward to continuing to work closely and constructively with Moneyval to address all and any deficiencies identified in the report.

Chief Minister Fabian Picardo said: “The Government is happy that this objective process has identified areas which require greater attention. That is why we have subjected ourselves to this assessment - to understand where we have to do more and where we are still able to improve on what we do.

"Confirmation that our legislative scheme is now robust is very satisfying indeed. Needless to say our law enforcement agencies have our full support in giving effect to our laws and using the legislative tools we have put at their disposal to address the shortfalls MONEYVAL has identified. "We do not pretend everything is right with Gibraltar, we just want to do what we need to in order to ensure that we constantly improve what we do.”

13-02-2020 PANORAMAdailyGIBRALTAR