Government: “GSD Misunderstand UK Regulations”

The Government, replying to the latest press release by the GSD, have said that updated regulations in the United Kingdom following the FATF’s decision to provide an Action Plan for Gibraltar are part of the process in the United Kingdom which follows the FATF decision on each and every Country that is listed by them with an action plan. As soon as Gibraltar, or any other country is removed from the “grey list”, the Regulations will be further amended reflecting the change.

A statement continued: “HM Government of Gibraltar were fully aware of this process and the publication of these regulations has been delayed in order to enable HM Treasury to engage directly with all UK Banks working with Gibraltar and indeed UK Regulators to explain the proportionality of their response to the listing in light of the limited Action Plan published by the FATF in respect of Gibraltar.

“HM Treasury have and continue to be fully supportive of the positive work carried out by Gibraltar in this process and are working closely with HM Government of Gibraltar as we work to comply with the Action Plan at the very earliest opportunity.”