That Is My Perception," He Noted

Andrew Lyman, Gibraltar's Chief Commissioner for Gambling, has mentioned that his department is committed to helping the government remove 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 attending the KPMG Gibraltar e-Gambling Summit this early morning, 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 stood up for 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 more difficult to manage".


From his own analysis of FATF's rulings, Lyman mentioned there are only 2 action indicate resolve on 'effective confiscation cases' (a topic of law and police) and managers imposing proportional and efficient sanctions where .


Highlighting the latter action point, that has caused Gibraltar undergoing improved FAFT tracking, he outlined a spotlight has been positioned on the 'effectiveness of betting guidance in the jurisdiction' and the imposition of suitable sanctions.


Lyman stood by the Gambling Commission's track-record on supervising 'high-risk' gaming organizations, mentioning his viewpoint that had the FATF accepted that the series of sanctions imposed by the Gambling Division in the post-observation period were reliable and proportionate. "It may be that Gibraltar would not have actually been put on the greylist at all. That is my perception," he kept in mind.


Accepting the FATF's decision, Lyman highlighted that the Gambling Commission and Gibraltar authorities were devoted to preserving the Moneyval and FATF's procedures that have actually been completely accepted by the jurisdiction.


He stated: "This is the fastest action plan for any grey-listed jurisdiction and a various outcome might have been to return Gibraltar to Moneyval boosted tracking; as occurred with the Isle of Man. Unfortunately, this option was not embraced."


Irrespective of FATF needs, Lyman stated that the Gambling Commission had actually currently transitioned to a more structured program supervising Gibraltar-licensed gaming companies.


Currently, the Gambling Commission is supported by a "transparent danger assessment process, a structured site check out programme, a modified our assistance on AML and 4 TF and dedicated to expert development in this area". "We are not seen as a weak point in the supervisory structure," Lyman affirmed.


Casework undertaken in between 2020-2022 saw the Commission reach six regulative settlements (with 5 operators) consisting of financial aspects totalling ₤ 3.7 m. All settlements required parties to undertake an independent 3rd party or internal audit reviews and additional licence requirements were troubled senior management.