The jurisdictions were confirmed as being removed from the grey list following the FATF Plenary, which took place from 21-24 February.
Gibraltar was named alongside Uganda, Barbados and the United Arab Emirates.
The Plenary noted that all four jurisdictions had made “significant progress” in addressing anti-money laundering (AML) and counter-terrorist financing (CTF) issues that had been identified during previous evaluations.
All four had also previously agreed to an Action Plan, wherein certain issues had to be resolved within a stipulated timeframe.
“These countries will no longer be subject to the FATF’s increased monitoring process,” the FATF noted.
“This comes after a successful on-site visit to each of these countries. Each country will work with the FATF-style regional body, of which it is a member, to continue strengthening their AML/CTF/CPF regimes.”
Also at the Plenary, Kenya and Namibia were added to the grey list, formally known as the list of Jurisdictions Under Increased Monitoring.
No new countries or jurisdictions were added to the highest-risk category – the High-Risk Jurisdictions subject to a call for action.
The FATF also appointed Elisa de Anda Madrazo as its next president for a term of two years.
Previously, de Anda Madrazo was FATF vice-president from 1 July 2020 to 30 June 2023. Her new role will begin on 1 July 2024.
Gibraltar has been embroiled in a two-year-long dispute with the FATF since its placement on the grey list in June 2022.
It was mandated to remain on the list for a year until reassessment. Concurrently, Malta was removed from the grey list during the same Plenary.
The jurisdiction devised an action plan, comprising two points, upon its inclusion on the list.
Andrew Lyman, Gibraltar’s gambling commissioner, expressed uncertainty regarding Gibraltar’s grey-listing rationale.
He maintained that Gibraltar exhibited no “fundamental, systemic anti-money laundering (AML) or terrorist financing weaknesses.”
However, he reiterated his firm commitment to swiftly removing Gibraltar from the list. Lyman confirmed that Gibraltar would refrain from issuing additional sanctions due to its grey-listing status.
In October of that year, Gibraltar’s government announced a deferral in reporting progress towards removal from the grey list.
Subsequently, in February, Gibraltar was confirmed to remain on the grey list, albeit with noted progress by the FATF.
In June 2023, Gibraltar was cautioned that the May 2023 deadline for action plan completion had lapsed.