Gibraltar to Improve Anti-Money Laundering Regulations

Updated on Sunday 01st November 2015

Gibraltar-to-enforce-new-anti-money-laundering-measuresAfter four years of negotiations, Gibraltar has now been accepted into the European anti-money laundering evaluation process, Moneyval. Gibraltar will be subject to several evaluation procedures which will clear its reputation of tax haven. You can obtain relevant information about the country’s taxation system from our specialists in company registration in Gibraltar.

Verification procedures for Gibraltar

The Government is pleased about its success to adhering to the European anti-money laundering program, Moneyval. After four years of negotiations, Gibraltar will now be subject to the most stringent evaluation procedures which will clear its reputation of being a tax haven.

Moneyval was launched in 1997 by the Council of Europe in order to assess the anti-money laundering measures each EU country takes. Gibraltar has worked very closely with the United Kingdom to be included in the evaluation process in which it was included at the beginning of October. The UK submitted the formal application on behalf of Gibraltar as it is responsible for the territory and it is also a member of the Council of Europe.

The Rock was already a member of an organization in charge with the prevention of money laundering in order to provide a safe environment for those coming to do business in Gibraltar and being accepted into Moneyval will only reaffirm the country’s position.

Why is the verification important for Gibraltar?

Gibraltar has an outstanding international reputation and has gained the confidence of many foreign investors, especially during the last few years, but being accepted in the Moneyval evaluations process will definitely help the country improve its image even more.

Gibraltar has already signed up for the Financial Action Task Force (FATF) which implies rigorous anti-money laundering regulations and enrolling into Moneyval will help the Government to take an even stronger stance against tax evasion and corruption. Being part of the Moneyval Committee will also help Gibraltar to enhance cooperation with other countries and will also attract further foreign investment.

For information related to anti-money laundering measures and how safe it is to open a business you can contact our experts in company formation in Gibraltar.