Ethics and governance in the European Financial centers

Last June the IMF issued a book that brings together conference papers in which participants discuss: information exchange for an effective anti–money laundering/combating the financing of terrorism (AML/CFT) regime, in terms of both standards and practices.

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The report is based primarily on work undertaken during a visit to Gibraltar during March 1–17, 2006.
The assessment team comprised Mr. R. Barry Johnston (Head), Mr. Salim M. Darbar, Ms. Tanya Smith,
Ms. Mariela Moreno (all MCM), Mr. Joseph Myers, Mr. Andrews Gors, and Ms. Joy Smallwood (all
LEG), Mr. Peter Hayward (consultant, for banking), Mr. Jorge Mogrovejo (consultant, Superintendency
of Banks and Insurance, Peru, for banking), and Mr. William McCullough (consultant, for insurance).

The main findings of the assessment are:
• Gibraltar has a well-regulated financial sector and the authorities have taken a number of steps to implement recommendations of the last IMF assessment in 2001.
• The assessment found a high standard of compliance with the Basel Core Principles and the Insurance Core Principles.
• While Gibraltar has done a good job of improving its AML/CFT regime to keep abreast of evolving standards, it needs to take a number of steps to update its legal and regulatory regime to reflect the revised FATF 40+9 Recommendations.
• The reputation of Gibraltar as a financial center will depend on maintaining the independence of the Financial Services Commission (FSC).


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The World Bank and the United Nations announced a couple of days ago that they were setting up a system to help developing nations recover assets stolen and sent abroad by corrupt leaders that amount to an estimated $40 billion a year.

The overall cross-border flow of global proceeds from criminal activities, corruption and tax evasion is assessed $1 trillion to $1.6 trillion annually.


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