Moneyval was established in 1997 to ensure that its member states have effective systems in place to counter money laundering and terrorist financing, and comply with the relevant international standards.
Negotiations have been ongoing since 2011, culminating earlier this year when, as an overseas territory, Gibraltar requested that the UK approach the secretary general of the Council of Europe on its behalf to request that Gibraltar be subject to Moneyval’s mutual evaluation processes.
Moneyval members include Council of Europe member states that are not members of the Financial Action Task Force (FATF), as well as member states that have become members of FATF but have requested that Moneyval continues to evaluate them.
Following the inclusion of Gibraltar, Moneyval now evaluates 29 Council of Europe member states; including Estonia, San Marino, the Russian Federation, and Romania. Non-member states also evaluated by Moneyval include Israel, the Holy See, and UK crown dependences of Guernsey, Jersey, and the Isle of Man.
“I cannot stress enough how important this achievement is for Gibraltar in the context of being seen to be at the forefront of international co-operation,” said Albert Isola, Gibraltar’s minister for financial services and gaming.
