EU Parliament Objects to Removing Gibraltar from "High-Risk" List, but Chief Minister Expects European Commission to Proceed

The European Parliament has voted to keep Gibraltar on the European Union's list of "high-risk" third countries, a decision that Chief Minister Fabian Picardo has described as a "blip" and "Margallo's last stand." Gibraltar, a British Overseas Territory located at the southern tip of the Iberian Peninsula, has been on the EU's list of jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks since Brexit.

Chief Minister Picardo stated that Gibraltar would have never been included on this list if it weren't for the United Kingdom's departure from the European Union. He expressed confidence that the decision would be reversed, despite the European Parliament's objection. In an interview with GBC News, Picardo discussed the latest development, indicating that he anticipates the European Commission to proceed with removing Gibraltar from the "high-risk" list.

Why this matters: The European Parliament's decision to keep Gibraltar on the "high-risk" list has significant implications for the territory's financial sector and its relationship with the European Union. As a British Overseas Territory, Gibraltar's status has been a point of contention in the post-Brexit landscape, and this latest development highlights the ongoing challenges faced by the territory in navigating its future relationship with the EU.

The Chief Minister's optimism about the European Commission's stance on the matter suggests that there may be a divergence of opinion between the European Parliament and the Commission. Picardo's characterization of the Parliament's decision as a "blip" and "Margallo's last stand" – a reference to former Spanish Foreign Minister José Manuel García-Margallo, who has been a vocal critic of Gibraltar – underscores the political nature of the issue.

As Gibraltar awaits the European Commission's decision, the territory remains committed to maintaining its robust financial regulatory framework and working towards a positive relationship with the European Union. Chief Minister Picardo's confidence in the eventual removal of Gibraltar from the "high-risk" list serves as a reminder of the territory's resilience and determination to overcome the challenges posed by Brexit.

Key Takeaways

• EU Parliament voted to keep Gibraltar on "high-risk" third countries list.
• Gibraltar's Chief Minister calls it a "blip" and "Margallo's last stand".
• Gibraltar was added to the list due to UK's departure from the EU.
• Chief Minister expects EU Commission to remove Gibraltar from the list.
• Gibraltar committed to maintaining robust financial regulations post-Brexit.