05 Jan 2021
Malta is on track to make it through a crucial evaluation of its anti-money laundering regime, Prime Minister Robert Abela said on Sunday.
In a brief phone-in interview on the Labour Party’s ONE radio, Abela said the government had put a lot of work into addressing shortcomings that had been highlighted in State authorities’s handling of financial crime.
In 2019, Malta failed an evaluation of its efforts to fight money laundering by the Council of Europe’s so-called MoneyVal assessors.
A final progress report was sent to the experts by Malta back in October 2020 and includes the legislative changes implemented by Malta in a bid to address the situation.
The global Financial Action Task Force, which fights money laundering and the financing of terrorism, is now considering whether to put Malta on its ‘grey list’ of untrustworthy jurisdictions. Grey-listing could have far-reaching consequences for the economy, seriously impacting the country’s attractiveness as a financial centre.
A team of experts from the FATF will visit Malta this month for an in-depth assessment.
On Sunday Abela said the government had been working tirelessly to rectify the situation.
It was this commitment to improve the functioning of state institutions that defined the present Labour administration, he said.
By Ivan Martin, Times of Malta, 3 January 2021
Read more at Times of Malta
RiskScreen: Eliminating Financial Crime with Smart Technology
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet