Don’t Let The Sacrifice Of Maltese Professionals Be In Vain, PN Leader Pleads To FATF
With Malta’s potential grey listing looming, Opposition leader Bernard Grech has appealed to the Financial Action Task Force (FATF) to recognise the “sacrifices” made by Maltese professionals to become compliant with anti-money laundering rules.
“Beyond the efforts to improve enforcement and supervision and the introduction of legislative measures, the greatest effort has come from the industry itself which has responded well to the increased legal and regulatory demands,” Grech wrote.
“There has been a tangible and substantial investment in compliance and risk mitigation measures, notably in IT and human resources. The vast majority of operators have increased onboarding requirements, even at the expense of competitiveness, while a substantial number have undertaken a de-risking exercise which has dented profitability.”
The full letter can be read here
“This process didn’t limit itself to the traditional financial services providers but extended to several professions and services which were hitherto considered on the side of the industry, including all services related to real estate.”
Grech said that while many “genuine players” feel hard done by the “transgressions of some who should have known better”, the vast majority of professionals, service providers and institutions are making efforts to align themselves with anti-money laundering rules.
“There is a prevalent understanding across the board that reputation and integrity are the key to restoring Malta’s reputation,” he said. “It is our hope that such efforts and sacrifices are recognised and given due credit.”
“As a government in waiting, we’re determined to do all in our competence to ensure the continuation and upscaling of current efforts to align to financial scrutiny rules under the direction of the FATF and to promote financial transparency and integrity as a policy priority both in our roles within the EU and beyond.”
On Tuesday, the FATF’s International Cooperation Review Group (ICRG) failed to reach a unanimous decision on whether to recommend that Malta be greylisted.
Lovin Malta understands that assessors from three powerful countries, namely the USA, UK and Germany, insisted on taking a position against Malta, but several other countries have chosen to support the country.
Finance Minister Clyde Caruana said that Malta should pass the test, barring political motives within the FATF.
Do you think Malta should pass the FATF test?
READ NEXT: 'We're Delighted!': AP Valletta Gearing Up For Potential Big Win After Shortlisted For Innovative EU Prize
