Andrew Lyman, Gibraltar's Chief Commissioner for Gambling, has actually specified that his department is committed to assisting the government eliminate the British Overseas Territory from the Financial Action Task Force's (FATF) 'greylist' - 'in the quickest of time possible'.
The statement was made to delegates going to the KPMG Gibraltar e-Gambling Summit today, in which Lyman detailed his surprise at the FATF's choice to brand Gibraltar as a high-risk AML jurisdiction.
Addressing 'lurid and manipulated media headlines', Lyman defended Gibraltar asserting that "there are no essential, systemic, AML/TF weak points in this jurisdiction and Gibraltar now has a strong AML and TF system that makes the greylisting decision harder to manage".
From his own interpretation of FATF's rulings, Lyman specified there are only two action indicate attend to on 'effective confiscation cases' (a topic of law and authorities) and supervisors enforcing proportionate and efficient sanctions where suitable.
Highlighting the latter action point, that has resulted in Gibraltar undergoing enhanced FAFT tracking, he described a spotlight has actually been placed on the 'effectiveness of gambling supervision in the jurisdiction' and the imposition of suitable sanctions.
Lyman stood by the Gambling Commission's track-record on monitoring 'high-risk' gaming companies, stating his opinion that had the FATF accepted that the variety of sanctions enforced by the Gambling Division in the post-observation period were efficient and proportionate. "It might be that Gibraltar would not have been put on the greylist at all. That is my perception," he noted.
Accepting the FATF's choice, Lyman underscored that the Gambling Commission and Gibraltar authorities were devoted to maintaining the Moneyval and FATF's processes that have been totally embraced by the jurisdiction.
He said: "This is the fastest action prepare for any grey-listed jurisdiction and a various outcome might have been to return Gibraltar to Moneyval improved tracking; as occurred with the Isle of Man. Unfortunately, this alternative was not adopted."
Irrespective of FATF needs, Lyman specified that the Gambling Commission had already transitioned to a more structured program supervising Gibraltar-licensed gaming companies.
Currently, the Gambling Commission is supported by a "transparent threat assessment process, a structured website check out programme, a modified our assistance on AML and 4 TF and dedicated to expert development in this location". "We are not seen as a powerlessness in the supervisory structure," Lyman affirmed.
Casework carried out in between 2020-2022 saw the Commission reach six regulatory (with 5 operators) including monetary aspects amounting to ₤ 3.7 m. All settlements needed celebrations to undertake an independent 3rd party or internal audit reviews and more licence requirements were troubled senior management.
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That is my Perception," He Noted
carolynn919549 edited this page 2026-04-28 17:24:17 +02:00