Andrew Lyman, Gibraltar's Chief Commissioner for Gambling, has stated that his department is devoted to assisting the federal government get rid of 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 this morning, in which Lyman detailed his surprise at the FATF's decision to brand name Gibraltar as a high-risk AML jurisdiction.

Addressing 'lurid and manipulated media headings', Lyman stood up for Gibraltar asserting that "there are no basic, systemic, AML/TF weak points in this jurisdiction and Gibraltar now has a strong AML and TF system that makes the greylisting decision more difficult to cope with".

From his own analysis of FATF's judgments, Lyman stated there are just two action indicate deal with on 'successful confiscation cases' (a subject of law and cops) and managers imposing proportional and effective sanctions where proper.

Highlighting the latter action point, that has actually led to Gibraltar being subject to boosted FAFT monitoring, he laid out a spotlight has actually been put on the 'effectiveness of gambling supervision in the jurisdiction' and the imposition of appropriate sanctions.

Lyman waited the Gambling Commission's track-record on monitoring 'high-risk' gaming organizations, stating his opinion that had the FATF accepted that the variety of sanctions imposed by the Gambling Division in the post-observation period were efficient and proportionate. "It may be that Gibraltar would not have been positioned on the greylist at all. That is my understanding," he kept in mind.

Accepting the FATF's decision, Lyman underscored that the Gambling Commission and Gibraltar authorities were dedicated to keeping the Moneyval and FATF's procedures that have actually been totally accepted by the jurisdiction.

He said: "This is the quickest action strategy for any grey-listed jurisdiction and a different outcome may have been to return Gibraltar to Moneyval improved tracking; as occurred with the Isle of Man. Unfortunately, this option was not embraced."

Irrespective of FATF demands, Lyman stated that the Gambling Commission had actually currently transitioned to a more structured programme monitoring Gibraltar-licensed betting business.

Currently, the Gambling Commission is supported by a "transparent threat assessment process, a structured website visit programme, a modified our guidance on AML and 4 TF and devoted to professional advancement in this area". "We are not viewed as a powerlessness in the supervisory structure," Lyman affirmed.

Casework undertaken in between 2020-2022 saw the Commission reach six regulatory settlements (with 5 operators) including monetary elements amounting to ₤ 3.7 m. All settlements required celebrations to undertake an independent 3rd party or internal audit evaluations and additional licence requirements were troubled senior management.