Gibraltar will be delisted from the European Commission’s (EC) list of high-risk jurisdictions for anti-money laundering and counter terrorism financing (AML/CFT), despite the efforts of a right-wing coalition group.
Last month, the European Commission had provisionally approved Gibraltar’s delisting, with a vote in the European Parliament required to ratify the decision.
All jurisdictions covered by the EU’s AML framework are required to “apply enhanced vigilance” when involved in transactions with those featured on the list.
The Patriots for Europe Group had called on the European Parliament to reject the EC’s proposal and ensure Gibraltar remained on the list of jurisdictions recognised as having strategic deficiencies in their AML and CFT regimes.
Jorge Buxade Villalba, representative of the Patriots for Europe and a member of right-wing Spanish party Vox, had argued that the EC’s stance did not factor in what he views as the threat posed by Gibraltar to the international financial security system.
He also argued it would not prompt the British Overseas Territory’s government to take any action in protecting the integrity of the global financial system.
Despite the claims, Villalba’s amendment was rejected by 501 other MEPs, with only 101 in favour.
When outlining the reasons behind Gibraltar’s delisting last month, the EC confirmed that following a “thorough assessment”, it had “made significant progress to improve its AML/CFT regime”.
The emphatic rejection of Villalba’s proposal has been welcomed by the Gibraltar government.
Minister for trade, justice and industry Nigel Feetham said: “The news today that the European Parliament has rejected objections to the update of the EU list brings an end to the uncertainty about Gibraltar’s merited delisting which should have happened over a year ago following our delisting by the FATF.
“This is testament to the work undertaken by my ministry to bring Gibraltar to the vanguard of the fight against money laundering and counterterrorist financing, and Gibraltar’s reputation as a world-leading financial centre has been rightfully restored.
“It is clear too that our engagement with partners in Brussels, both with the European Commission and the European Parliament, has worked to produce the result that we have worked so hard to obtain.”
Before Gibraltar’s delisting can be confirmed, the decision must be ratified by the European Council, which is expected to announce that it has no objection to the process.
The post EU Parliament rejects proposal to keep Gibraltar on high-risk AML list first appeared on EGR Intel.
British Overseas Territory handed boost after recent vote by MEPs emphatically rebuffed suggestion that delisting could risk integrity of global financial system
The post EU Parliament rejects proposal to keep Gibraltar on high-risk AML list first appeared on EGR Intel.