Gibraltars officials have determined to postpone the submission of their advancement report on their removal from the Financial Action Task Force on Money Laundering (FATF) “gray list.” This decision comes as the organization persistently encourages the territory to enact more stringent punishments for offenses related to money laundering.
Nevertheless, advancement in Gibraltar has not been revealed as the region has chosen to postpone submitting a report to the organization in order to concentrate on providing a more thorough update at a later time.
T. Raja Kumar, head of the Financial Action Task Force on Money Laundering, continues to view anti-money laundering sanctions as a field where Gibraltar needs to enhance.
“Gibraltar needs to boost the discouraging effect of its penalties, particularly fines related to the gaming industry and the legal firms that serve these businesses,” he stated.
“Gibraltar is a small territory, but it is an offshore financial center and home to numerous gaming companies.”
Gibraltar is improbable to be taken off the Financial Action Task Force’s grey list at the October meeting, as the review and removal process is typically much longer. Malta was removed within a year of being listed, which is considered an exceptionally short turnaround time.
Gibraltar is planning a complete revamp of its gaming laws.
This week, it initiated a discussion on new licensing charges, following its proposed new Gambling Act.
The new licensing fee structure will now be layered, with larger companies paying higher charges and smaller companies paying lower charges.
In the meantime, the Gambling Act is primarily focused on ensuring that Gibraltar licensees have a real local presence.
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