Malta has a year to fix its anti-money laundering regime, after which it could face blacklisting procedures, according to Times of Malta.

The newspaper revealed today that Malta’s anti-money laundering procedures failed a yearlong review by international monitoring body Moneyval, which has given the island just over a year to address the shortcomings.

Their report giving Malta a “poor overall rating” was approved by the Council of Europe during a closed plenary session last week.

Moneyval evaluates each country’s effectiveness in combatting money laundering. Countries pass the evaluation by adopting compliant laws and regulations, and proving these are being properly enforced.

Areas where the country was given a low grade included risk management, money laundering investigation and prosecution, and prevention of financial crime, according to Times of Malta.

Last April, when news of an early draft of the report came out, the government accused the Nationalist Party of interfering by leaking the findings at such an early stage of the process.

READ NEXT: Will Malta End Up With More Or Fewer Trees? Dissecting The Numbers Behind The Central Link Project