EU Parliament Retains Gibraltar on High-Risk List, Impacts Online Gambling

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The Key Points

The decision of the EU Parliament to keep Gibraltar on the list of countries with significant deficiencies in the fight against money laundering (AML) and terrorism financing (CFT) is meeting resistance. This is happening despite the recommendation of the European Commission and Gibraltar’s removal from the FATF grey list. The decision underscores the political tensions and the complexity of international financial regulation.

EU vs. FATF: A Conflict of Assessments

The European Commission proposed removing Gibraltar, along with the United Arab Emirates and Panama, from the list of high-risk countries in the field of AML/CFT. This recommendation was based on progress these countries have made. Nevertheless, the EU Parliament voted against this proposal with an overwhelming majority of 490 members. Such a move is contrary to the decision of the Financial Action Task Force (FATF), which recently removed Gibraltar from its grey list, acknowledging the country’s efforts in combating money laundering and terrorism financing.

Gibraltar’s Reaction

The government of Gibraltar expressed its disappointment about the EU Parliament’s decision. It emphasized that this step was politically motivated and did not reflect the technical assessments and progress of the country in the field of AML/CFT. Gibraltar highlights the recognition by the FATF and criticizes the politicization of the decision, which is seen as a setback for international efforts in the fight against money laundering and terrorism financing.

The Implications for the Online Gambling Industry

These developments have direct impacts on the online gambling industry, particularly in regions like Gibraltar, which are considered important hubs for online casinos. Remaining on the AML/CFT list could lead to increased regulatory requirements and reviews for gambling providers based in Gibraltar. This underscores the need for operators to closely follow developments and continuously evaluate and adapt compliance requirements.

Our Assessment

The decision of the EU Parliament to keep Gibraltar on the list of high-risk countries for AML/CFT shows the challenges and political considerations that play a role in international financial regulation. For the online gambling industry, this underscores the importance of compliance and the need to stay up-to-date with regulatory developments. It is crucial that operators understand the changing landscapes and proactively take measures to meet regulatory requirements.

Sources

– Ricky Grant
– Paysafe
– Caesars
– Fanatics Betting and Gaming
– Livespins
– Swedish Scratch Card Game ‘Trisskrapet’
– Senator Hontiveros
– Cordish
– Kambi and Choctaw Nation

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