The Government has welcomed the decision adopted earlier today by the European Commission to propose the removal of Gibraltar from the EU’s so-called list of high-risk third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes.

A statement continued: “The Commission’s decision confirms its technical assessment that Gibraltar satisfies all the criteria for removal from the list. The measure is contained in a Delegated Act which will now proceed to the European Parliament for review and approval before it can enter into legal effect."

Minister for Justice, Trade and Industry, Nigel Feetham, commented: “The Commission’s proposal reflects Gibraltar’s clear technical compliance and our unwavering determination to uphold the integrity of our financial system. It is a just recognition for the continued work Gibraltar has been doing, not only to meet but to exceed international expectations.”