Businesses and individuals on the Rock breathed a sigh of collective relief on Friday after the FATF announced that Gibraltar has been removed from their grey list. The news followed a three-day plenary session held in Paris.

This long-awaited news reaffirms Gibraltar’s status as a responsible and transparent financial centre and reflects its commitment as a jurisdiction to meet international standards in combatting money laundering and terrorist financing.

Inclusion on the grey list presents challenges as it flags countries as high-risk jurisdictions which increases the difficulty in executing international transactions. High levels of documentation can be required, and payments can be slowed down. Although there may be a time-lag as the news gets through to other institutions, Gibraltar’s white-listing will positively impact the bank and its local and international clients.