A delegation of the Council of Europe's Committee of Experts for the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) carried out an onsite visit to the United Kingdom Overseas Territory of Gibraltar from 1 to 12 April 2019.
The delegation was composed of MONEYVAL experts with a legal, law enforcement and financial background and supported by members of the MONEYVAL Secretariat. The delegation has been received by Gibraltar’s Minister for Commerce, The Hon. Albert Isola MP. The delegation met with the authorities responsible for Gibraltar’s anti-money laundering and counter-terrorist financing (AML/CFT) system (i.e. competent ministries, criminal justice and operational agencies, financial sector bodies and supervisors of businesses and professions with AML/CFT obligations). The delegation also held meetings with a great number of private stakeholders (e.g. financial institutions, trust and company service providers, lawyers, real estate agents, casinos and remote gaming companies) and representatives from non-profit organisations.
The delegation is tasked with analysing – in the form of a mutual evaluation report - Gibraltar’s level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of Gibraltar’s AML/CFT system, and with providing recommendations on how the system could be strengthened.
The report will be scheduled for discussion and adoption at MONEYVAL’s 59th Plenary meeting (3-6 December 2019).