Gibraltar likely to finally exit European list of high-risk jurisdictions
The European Parliament previously opposed the removal of the igaming hub from the list.
Gibraltar.- The European Commission (EC) has recommended that Gibraltar be removed from its list of high-risk jurisdictions. The igaming hub had already been removed from the FATF grey list last February after the British overseas territory implemented the 40 recommendations outlined in its action plan, but the European Parliament opposed removing it from the EU’s high-risk list, likely under the influence of Spain.
The European Parliament must still approve Gibraltar’s removal, but the EC’s stance makes it likely that it will now go ahead. Nigel Feetham, Gibraltar’s minister for justice, trade and industry, welcomed the decision and stressed the government’s commitment to maintaining advances in regulatory efforts.
Amid some criticism of its methodolgy, the EC said it conducts thorough technical evaluations based on specific criteria and information from FATF, bilateral discussions and on-site assessments.
The United Arab Emirates and the Philippines were also removed from the FATF grey list last year along with Barbados, Jamaica, Panama, Senegal and Uganda. Meanwhile, Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela have been added to the list.
Malta, another major igaming hub, was on the FATF grey list for a year from June 2021 until its removal in June 2022.
