Offshore gambling hub Gibraltar removed from FATF grey list

Lea Hogg 1 month ago
Offshore gambling hub Gibraltar removed from FATF grey list

Offshore gambling hub Gibraltar has achieved a remarkable feat by getting off the Financial Action Task Force’s (FATF) grey list of jurisdictions. The Minister, Fabian Picardo, (in photo above), hailed this as a momentous occasion for the territory, a result achieved from the hard work that went into meeting the FATF’s standards.

Gibraltar faced a tough challenge when it was placed on the list in June 2022, along with some countries with dubious practices. It had to address two outstanding items from its assessment, which it did in record time. The FATF recognized Gibraltar’s “significant progress” in tackling its strategic AML/CTF deficiencies and removed it from the list.

The Minister praised the efforts of Albert Isola, who led the work at the ministerial level, and Nigel Feetham, Minister of Justice, Trade and Industry. Picardo also thanked the people in their Ministries, especially in the Ministry of Justice and Financial Services, as well as the law enforcement and investigation agencies, for showing the best of Gibraltar.

Picardo stressed that Gibraltar did not belong on the list in the first place, calling it unfair. However, he said Gibraltar did not just complain, but acted to prove its commitment to applying the highest standards in respect of anti-money laundering and financial services generally.

Fabian Picardo said the work is not over, as Gibraltar has to maintain its commitment to the FATF and provide the necessary resources to prevent any abuse of its financial system. He said Gibraltar is proud of its achievement and will continue to be proud as it demonstrates its compliance to the FATF.

Gibraltar’s role as leading online gaming hub

The Minister also revealed plans to spread this positive message to the financial world. He said Gibraltar will make sure that all references to its grey list status are erased, and replaced by many references to its white list status. He said this will open up many more opportunities for Gibraltar as a whitelisted jurisdiction.

Gibraltar has established itself as a leading jurisdiction for online gaming, attracting major companies such as Ladbrokes, bwin, and BetVictor. As a self-governing British Crown Dependency and a full member of the European Union, Gibraltar offers a favourable fiscal environment and robust legal safeguards. Its strategic location and comprehensive legal and banking infrastructure have made it an attractive hub for iGaming companies. The territory’s commitment to maintaining high standards in its gaming industry is reflected in its selective licensing process and the establishment of the Gibraltar Regulatory Authority (GRA) to oversee electronic communications, data privacy issues, and iGaming. Gibraltar’s success in this sector has not only boosted its economy but also paved the way for economic diversification.

————-Stop Press: the next SiGMA Eurasia Summit takes place in Dubai between 25 – 27 FebruaryThe next SiGMA Africa Summit takes place in Cape Town between 11-13 March The fourth edition of SiGMA Eurasia will once again be held at the InterContinental Dubai Festival City. Held between the 25 and 27 February 2024, the summit provides invaluable networking opportunities for industry professionals, gain exposure to the latest tech and innovations in the sector, meet key decision makers, and gain insight into new marketsSiGMA Africa event kicks off in Cape Town, South Africa on the 11 March. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Group recognizes the need to foster collaboration and innovation within the industry.

Share it :

Recommended for you
Jenny Ortiz
15 hours ago
Jenny Ortiz
18 hours ago
Lea Hogg
1 day ago