EC Removes Gibraltar, UAE and Others from Money Laundering Blacklist
The European Commission (EC) has issued an updated list of high-risk third-country jurisdictions that exhibit strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks. The revised list, published as part of the European Union's (EU) continued effort to protect its financial system, imposes stricter due diligence and compliance obligations on EU entities conducting transactions with the listed jurisdictions.
LISTEN TO THIS ARTICLE:As part of the revision, the EC removed Gibraltar, the Philippines and the United Arab Emirates (UAE) from the list of high-risk jurisdictions, citing progress made in addressing weaknesses in their national AML and counter-terrorism financing regimes. At the same time, Monaco was newly added to the list alongside Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Namibia, Nepal and Venezuela.
Related: The Philippines Removed from the FATF Grey ListThe inclusion of new jurisdictions reflects the EC's alignment with international monitoring bodies, particularly the Financial Action Task Force (FATF), in identifying and responding to risks.
The list takes into account the FATF's classification of countries under increased monitoring, and the Commission emphasized its role as a founding FATF member in contributing to global AML standards. The EC is involved in closely monitoring these jurisdictions, supporting them in implementing targeted action plans developed in cooperation with the FATF.
The EC also stated that the updated list follows a careful evaluation process based on technical criteria and a transparent methodology. This included the review of data provided by FATF, as well as findings from bilateral engagements and on-site visits to the jurisdictions in question.
More Regulation News
Gaming Industry Shareholders Unite on Money Laundering
Global attention on money laundering and illegal financial activities intersected with efforts to combat black market gambling. Representatives from major trade bodies, regulatory agencies, and law enforcement authorities convened in Berlin at the International Association of Gaming Advisors (IAGA) Conference. The focus of the meeting was a high-level enforcement roundtable aimed at developing strategies to combat the illegal gambling market.
The roundtable was chaired by Keith Bristow, former Director-General of the UK's National Crime Agency and current Chair of the UK's Gambling Anti-Money Laundering Group. Participants discussed national and cross-border efforts to reduce the risks associated with unregulated gambling operations. They shared insights and examples of effective measures to confront illegal gambling networks and associated financial crimes.
This enforcement roundtable was the first held following a memorandum of understanding signed in October of the previous year by the American Gaming Association, the European Casino Association, and the Betting and Gaming Council. The agreement outlined collaborative goals for addressing common threats, including the proliferation of unlicensed gambling. The memorandum also created a framework for joint research initiatives and the exchange of best practices among the associations' members and staff.
The discussions in Berlin emphasized the shared responsibility of industry stakeholders to protect regulated gaming markets from being undermined by illegal actors. As money laundering and black market gambling often overlap, coordinated efforts among regulatory and private sector actors were recognized as essential in upholding the integrity of the financial and gaming sectors worldwide.
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