Following an extensive review over several years, on 17th June 2022, the Financial Action Task Force (FATF) has placed Gibraltar on the List of Jurisdictions under increased monitoring – the FATF “grey list”.
Who is FATF?
FATF is the global money laundering and terrorist financing watchdog. This inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. It monitors countries to ensure they implement FATF standards fully and effectively, and if they do not comply, countries are subject to strict timescales in which to become compliant.
Key points from the FATF Listing.
The evaluation found that all key recommended actions in respect of the Banking sector and the Gibraltar Financial Services Commission had been completed successfully.
The FATF has subsequently evaluated Gibraltar’s progress in addressing the 78 Recommended Actions and found that only 2 items remain to be fully addressed:
- the imposition of regulatory sanctions by two of the four relevant Gibraltar regulators
- obtaining final asset restraints arising from money-laundering investigations by law enforcement agencies
The two above points are contained within the FATF Action Plan that Gibraltar envisages to complete within 12 months, meaning Gibraltar is expected to be removed from the list by May 2023.
How does the FATF Listing impact Trusted Novus Bank (TNB)?
The safety of client assets remains as strong today as it was prior to the listing. In terms of TNB’s financial strength, please read our Annual Report:
TNB Annual Report 2021 (trustednovusbank.gi)
Furthermore, TNB complies with all relevant Anti-Money Laundering/Counter Terrorist Financing/Proliferation Finance regulations, both national and international.
