FATF Delists Barbados and Gibraltar: Financial Compliance Triumph

Barbados and Gibraltar have announced their removal from the Financial Action Task Force’s (FATF) List of Jurisdictions Under Increased Monitoring, commonly known as the FATF Grey List, reports Captive International. This decision was reached during the FATF's first Plenary meeting of the year on February 23, 2024. Barbados Attorney General Dale Marshall hailed this accomplishment, emphasizing the FATF's consensus that Barbados has effectively implemented its Action Plan.

Marshall also extended congratulations to the members of the local Anti-Money Laundering (AML) Network, attributing the country's success to their dedication over the past four years. He expressed optimism that this milestone would alleviate concerns for Barbadian financial institutions, businesses, professionals, and citizens, promoting a more seamless business environment locally and internationally. Investors can now regain confidence, viewing the strengthened AML regime as indicative of Barbados being a secure investment destination.

Moreover, Marshall anticipated that this achievement would pave the way for Barbados to be removed from the European Union Blacklist and the United Kingdom Blacklist. He highlighted the previous challenges posed by these blacklists for investors and businesses relying on correspondent banking relationships. He expected swift removal by the UK and subsequent removal from the EU Blacklist.

Marshall concluded by stating that Barbados anticipates positive outcomes from the delisting and remains committed to maintaining an effective AML regime in line with FATF standards.

In a similar vein, Gibraltar's Chief Minister, Fabian Picardo, noted the significant progress made by Gibraltar in completing its action plan, resulting in removal from the FATF Grey List. Minister Albert Isola, until October 2023, and Nigel Feetham, the current Minister for Justice, Trade and Industry, played key roles in collaboration with various agencies to implement rigorous measures addressing the action plan.

Gibraltar's Chief Minister Picardo expressed satisfaction with the FATF's recognition, reinforcing Gibraltar's reputation as a responsible and transparent financial center committed to complying with international standards. He appreciated the contributions of both public and private sectors in combating economic crime, emphasizing the positive impact on Gibraltar's standing as a compliant international financial center. Minister Feetham affirmed their commitment to future evaluations, ensuring alignment with FATF standards and maintaining efforts to combat economic crime. He acknowledged the collaborative efforts that led to this achievement, recognizing the crucial roles played by public servants, former ministerial colleagues, and partners in the private sector.