House of Lords written question – answered on 9th December 2014.

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Photo of Lord Luce Lord Luce Crossbench

To ask Her Majesty’s Government whether they will provide a summary of the range of regulatory and other measures which have been taken by the government of Gibraltar to counter money laundering and all forms of financial criminality.

Photo of Baroness Anelay of St Johns Baroness Anelay of St Johns Minister of State

Measures to tackle money laundering and international financial crime in Gibraltar rest with Her Majesty’s Government of Gibraltar (HMGoG). HMGoG informs us that Gibraltar has anti money laundering legislation in full compliance with its EU obligations and has been independently reviewed by the Financial Action Task Force (FATF), the International Monetary Fund (IMF) and others. We understand that Gibraltar is well advanced on meeting the FATF recommendations and preparing for the future 4th anti-money laundering directive. Gibraltar’s Financial Intelligence Unit is a member of the international Egmont Group and shares information with all members of the Group. HMGoG has recently produced a full update on its international measures to fight financial crime, and we will place a copy in the Library of the House. Notably, Gibraltar has entered into the equivalent of 125 tax information exchange agreements and is committed to automatic tax exchange with the UK, the USA and some 90 other countries via the Common Reporting Standard.

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