Wednesday, December 21, 2022 - 11:31

Gibraltar has been included in the EU black list in respect of money laundering and terrorist financing. This news has emerged at the same time as Spain has been rapped by the OECD for not doing enough to combat the bribery of foreign officials.

CAUTION
The inclusion of Gibraltar in the EU blacklist does not carry any sanctions as such, although EU banks will be required to exercise greater caution when dealing with clients or entities based here. This latest move follows the designation of Gibraltar as a jurisdiction under increased monitoring by the Financial Action Task Force (FATF) in June, which raised the need to comply with two points by May 2023. These were in relation to pursuing regulatory sanctions and pursuing final confiscation judgements. The Gibraltar Government already accepted the action plan and the need to comply with it in the required timescale. It is not unusual for the EU to follow the FATF in this regard.