Global AML Watchdog Takes Closer Look At Gibraltar

By Alex Davidson (June 20, 2022, 11:34 AM BST) -- A global anti-money laundering watchdog has put Gibraltar on its gray list of jurisdictions subject to increased monitoring after finding that the territory's regulators are not fining offenders in line with prescribed penalties or focusing hard enough on intermediaries, including lawyers.

The Financial Action Task Force acted on Friday after a meeting of its plenary, or decision-making body. Authorities in the British Overseas Territory must permanently deprive criminals of the illicit funds that they have seized and fine them proportionately, the task force said.

"Supervisors are not issuing proportionate fines or penalties for money laundering or terrorist financing breaches. Supervisors need...

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