ARTICLE · 19 MARCH 1999

News Release - Gibraltar On UN "White List"

Government of Gibraltar

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Date Released: 11 March 1999

A NEW attack on money laundering launched in Vienna on 5 March proposes "a league of internationally approved offshore centres with acceptable standards of control over their use by the financial industry" (FT 5.3.99).

The Financial Times says that the league would, in effect, be a "white list". However, the United Nations Global Programme Against Money Laundering, which has launched the scheme - the Offshore Initiative - is wary of using the term because of political sensitivities. Governments responsible for centres which fail to reach the standards of the league within five years would come under international pressure to close them.

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