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HM Government of Gibraltar Notes the Publication of the Mutual Evaluation Report, by Moneyval - 80/2020

February 12, 2020

HM Government of Gibraltar notes that the committee of experts on the evaluation of anti-money laundering measures and the financing of terrorism (Moneyval) has now published its Mutual Evaluation Report (MER) on Gibraltar. This evaluation has been carried out at the express request of the Government of Gibraltar in order for us to better understand the areas in which we are progressing well and the areas which require additional work and resources. 

The report details the very significant amount of areas with which Gibraltar is compliant or largely compliant, particularly in our legislative framework and standards.  This is an important recognition of the excellent work Gibraltar has done in improving the legislative framework and something of which the Government is rightly proud.  The Government is nonetheless disappointed that we have not achieved higher ratings in demonstrating our effectiveness in the implementation of the same, some of which were considered to be much deserved. 

Separately, the Government is pleased to announce that a specific remediation programme has already been commenced so as to address the action points and recommendations contained in the review. As such, the Gibraltar Authorities look forward to continuing to work closely and constructively  with Moneyval to address all and any deficiencies identified in the report.

Lastly, HM Government of Gibraltar would like to thank the Moneyval Secretariat, the assessment review team and everyone else involved in this report for their very hard work to date which is much appreciated.

The Chief Minister, the Hon Fabian Picardo QC said,
“The Government is happy that this objective process has identified areas which require greater attention. That is why we have subjected ourselves to this assessment - to understand where we have to do more and where we are still able to improve on what we do. Confirmation that our legislative scheme is now robust is very satisfying indeed. Needless to say our law enforcement agencies have our full support in giving effect to our laws and using the legislative tools we have put at their disposal to address the shortfalls MONEYVAL has identified. We do not pretend everything is right with Gibraltar, we just want to do what we need to in order to ensure that we constantly improve what we do.”