Brexit
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Progress Recognised, Again
The European Commission has once again proposed removing Gibraltar from its list of high-risk jurisdictions for money laundering and terrorism financing. It’s a long-awaited recognition of Gibraltar’s progress in strengthening its financial oversight.
Why it matters:
This move comes after Gibraltar’s removal from the FATF “grey list” in 2024, and despite being blocked by MEPs last time, the Commission has reiterated its technical support. It’s a sign of growing confidence in Gibraltar’s financial governance, even as formal treaty negotiations continue.
The background:
- The EU’s high-risk list flags countries with strategic deficiencies in their AML/CFT (Anti-Money Laundering and Countering the Financing of Terrorism) regimes.
- Gibraltar was removed from FATF’s grey list last year, but the EU delisting was blocked by right-wing Spanish MEPs.
- This week, the Commission reissued the proposal, stating: “The territory has made significant progress… notably on the supervision of the financial and non-financial sectors and on confiscation.”
The fine print:
- The Commission insists no new EU-specific benchmarks are needed.
- A one-month review period by the European Parliament and Council now begins.
- A repeat block is still possible, but the political climate seems to have shifted.
Justice Minister Nigel Feetham called it a “just recognition” of Gibraltar’s ongoing work and commitment to exceeding international expectations.
What’s next for business:
- This is good news for Gibraltar’s financial services reputation.
- While final approval is still pending, it’s another step toward long-term regulatory certainty — a key factor for banks, fintechs and professional services firms.
- The timing, coinciding with high-level treaty talks, adds momentum to Gibraltar’s wider post-Brexit repositioning.
Bottom line:
Gibraltar’s efforts have once again been recognised at EU level. If the European Parliament endorses the move, it could mark a decisive shift in perception and unlock fresh opportunity for financial sector growth.
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