The GSD has called for a Ministerial statement following the FATF decision to "grey-list" Gibraltar. 

A statement from the GSD follows below:

The GSD has noted the decision by the Financial Action Task Force to place Gibraltar on its ‘grey list’ pending the resolution of outstanding action points with deep concern. The GSD is fully supportive of a diversified  and high quality, well-regulated finance centre. It is critical to ensure that financial services remain a strong  and robust pillar of our economy. The GSD are entirely committed to this goal.  

Roy Clinton the GSD Shadow Minster for Financial Services and Gaming stated the following:  

“For a very long time Gibraltar’s finance centre has fought to maintain and be recognised as having the  required international standard of measures for the prevention of money laundering and the financing of  terrorism.  

It is thus disappointing to find Gibraltar as being grey listed in the two areas of the pursuit of regulatory  sanctions and confiscation judgements. The comments by the President of the FAFT Dr Marcus Pleyer who  in his press conference singled out gate keepers to the financial system in our legal profession and gambling  industry can only be described as troubling and seems to provide an insight into the FATF thinking. Questions  will inevitably be asked as to what more Government could and should have done to deal with any mistaken  assumptions and perceptions of the FATF that led to this grey-listing. It is therefore a real blow that despite  all the hard work Gibraltar now sees itself grey-listed with a range of countries with whom it would not wish  to be compared in the financial services world. It is unclear what practical damage this will do on the ground  while we are grey-listed.  

Given the seriousness of this outcome, the GSD feels that it is only right that the Minister for Financial Services  and Gaming, the Hon Albert Isola MP should make a Ministerial Statement to Parliament this week. This  would enable the Opposition and Gibraltar to learn more about how the Government intends to resolve these  action points within the one year timeframe. It is particularly important to understand how the demonstration  of court judgements can be achieved given this is necessarily outside political control. It is not clear whether  capacity building or new legislation is required to try to meet this objective, and thus, we would welcome  further clarification from the Minister in Parliament this week.”