Gibraltar has been announced as one of the four jurisdictions removed from the Financial Action Task Force’s (FATF) grey list. The decision came after the FATF Plenary held from February 21st to 24th.
Joining Gibraltar in this removal are Uganda, Barbados, and the United Arab Emirates. The Plenary acknowledged the significant progress made by these jurisdictions in addressing anti-money laundering (AML) and counter-terrorist financing (CTF) issues highlighted in previous evaluations. Each had previously committed to an Action Plan, aiming to resolve specific issues within set timelines.
As a result of successful on-site visits, these countries will no longer undergo the FATF’s enhanced monitoring process. Instead, they will collaborate with their respective FATF-style regional bodies to further fortify their AML/CTF/CPF regimes.
In other decisions made at the Plenary, Kenya and Namibia were added to the grey list, officially termed the “Jurisdictions Under Increased Monitoring.” No new jurisdictions were classified as “High-Risk,” subject to immediate action.
Additionally, Elisa de Anda Madrazo was appointed as the next president of the FATF for a two-year term starting on July 1st, 2024. De Anda Madrazo had previously served as the FATF vice-president from July 1st, 2020, to June 30th, 2023.
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