Malta’ government has maintained that the country did not deserve to be subject to increased monitoring by the Financial Action Task Force (FATF) after greylisting, but insisted it would work to ensure recommendations are addressed.
“Malta firmly believes that it does not deserve to be subject to increased monitoring considering the plethora of reforms implemented that led to tangible progress in Malta’s ability to prevent, detect and combat money laundering and the funding of terrorism effectively,” the government said in a statement.
“Nevertheless, Malta has been and will remain fully committed to working with the FATF and other international partners to ensure that the partially addressed recommended actions are addressed within the shortest possible timeframes.”
Earlier today, the FATF confirmed in a press conference Malta’s greylisting, which will mean increased monitoring by the FATF.
As part of a FATF action plan, Malta must increase the focus of the FIAU’s financial analysis on serious tax offences and related money laundering; increase the use of financial intelligence in pursuing criminal tax and related money laundering cases; and improve the identification of inaccurate beneficial ownership information provided by Maltese legal persons, and the application of dissuasive, effective and proportionate sanctions on legal persons and subject persons for failure to comply with their beneficial ownership obligations.
“Although Malta demonstrated a clear determination to address all 58 recommended actions, as evidenced by the number of actions and changes implemented by Malta in the 18-month period following the 2019 MER, the FATF still considered that the aforementioned 3 recommended actions were not sufficiently addressed,” the government said.
In closing, the government showed its appreciation to the jurisdictions who voted against Malta being placed on the greylist.
What do you think of the government’s statement?