Gibraltar added to the Financial Action Task Force’s ( FATF) grey list
- Thread starter Martin Everson
- Start date
- Status
It’s reassuring that there are such wise institutions that work relentlessly to ensure the wellbeing of citizens.
Now its interesting to observe wether Gibraltars financial supervision authorities will follow Malta in trying to impress FATF by overfining firms and professionals.
Source: https://fintelegram.com/courts-rule...ined-firms-and-professionals-to-impress-fatf/
Source: https://fintelegram.com/courts-rule...ined-firms-and-professionals-to-impress-fatf/
Criminals don’t need zero tax jurisdictions. Criminals do want and welcome taxes. Exactly like criminals want gun control.
Countries recently shunned because of the antics of OECD nations will soon stand to benefit from the great migration of wealth that will soon occur. Legitimate offshore entrepreneurs will soon flock to those jurisdictions as the OECD nations cut the Cayman Islands, the Bahamas, and possibly even Malta from much of the Western world's financial flows.
This will not simply happen at some point. It already is happening. Legitimate companies who still use lower-quality banking jurisdictions will soon flee to more prudent choices while they still can. I predict that several higher-quality, and previously offshore, banking jurisdictions that cleaned up their act will be the︀ winners of this development.
This will not simply happen at some point. It already is happening. Legitimate companies who still use lower-quality banking jurisdictions will soon flee to more prudent choices while they still can. I predict that several higher-quality, and previously offshore, banking jurisdictions that cleaned up their act will be the︀ winners of this development.
A year from now Gibraltar will likely be removed from the list like Malta. I would not read too much into it. UAE is going through the same shakedown right now. As @Don pointed out in link there will be some companies thrown to the lion to appease it with over fining etc. But countries have to play the international game and just move on.
To me other than their Category 2 residency program there is very little attractive about a Gibraltar outside the EU for business purposes anyway.
To me other than their Category 2 residency program there is very little attractive about a Gibraltar outside the EU for business purposes anyway.
Seriously, cigs are the only source of income for many blokes around (and in) the rock. And the only reason for the border to exist. Gibraltar cannot survive with just the nice monkeys.
In real world, this type of list real have any impact or not. Few month ago they put Dubai on its list. Nothing happened. Even with surprice, Dubai real estate transactions reach new sky high limit. I read somewhere where even they put Monaco in the list also nothing happened afterwards..
Yes that's correct most people will not see any difference when on grey list. It's very different than being on blacklist. Also the FATF action points are not really about banking in Gibraltars case. They relate to two action points i.e:
"1) Pursuing regulatory sanctions, and 2) Pursuing final confiscation judgements. It says this is down from 78 points in the Moneyval report."
P.S The devils advocate in me says U.S was behind this to punish Gibraltar for releasing that Iranian vessel the U.S asked them to seize 😉. We also know the U.S has a difficult relationship with UAE over Russia. But I speculate.︀
www.npr.org/2019/08/19/752297935/seized-iranian-ship-steams-from-gibraltar-after-u-s-loses-legal-fight
"1) Pursuing regulatory sanctions, and 2) Pursuing final confiscation judgements. It says this is down from 78 points in the Moneyval report."
P.S The devils advocate in me says U.S was behind this to punish Gibraltar for releasing that Iranian vessel the U.S asked them to seize 😉. We also know the U.S has a difficult relationship with UAE over Russia. But I speculate.︀
www.npr.org/2019/08/19/752297935/seized-iranian-ship-steams-from-gibraltar-after-u-s-loses-legal-fight
The current ftaf gray list and blacklist system seems to be ineffective. For instance, UAE was added to the list because it allegedly helped Russia establish a company in UAE, even though UAE does not sanction Russia. On the other hand, the Philippines was put on the gray list because it is not a member of CRS. It is surprising that Pakistan, which is considered a terrorist nation, is not on the gray list. am not wondering if they put russia in blacklist european country do anything to herm russia reputation
yes of course. This whole system and the fatf︀ should be abolished, all they do is bullying around the world. Lets hope the global︁ south wisens up and just ignore these bankrupt western nations.
Especially telling that all these︂ nice moral high ground western democracies bow down to this weird and obscure organization without︃ there ever being a vote.
Especially telling that all these︂ nice moral high ground western democracies bow down to this weird and obscure organization without︃ there ever being a vote.
That's all a big joke.. They publish such information to scare people all around the world. At the end of the day it doesn't matter what they do. The information is already floating and you can't hide anywhere unless you make a big hole in Somalia and they there the rest of your life.
- Status