Malta has “exhausted itself” in delivering on nine key areas in crucial money-laundering reforms, Finance Minister Clyde Caruana has said ahead of a FATF and potential greylisting in the coming days. 

“We don’t know the final outcome of the test, but what is certain is that Malta did everything it could,” Caruana said in an appearance on One TV’s Paper Scan. 

Caruana said that Malta had failed in nine keys areas when it first failed a MoneyVal test around two years ago. However, the country had worked hard in improving its shortcomings in the key areas, pointing towards Malta’s performance in the second MoneyVal test.

“This led to a situation where a lot of sacrifices had to be made, namely from the private sector who had to quickly follow new policies so that Malta can make the leap of progress forward,” he said.

He conceded that more work needed to be done, but maintained that Malta had shown a clear willingness to continue implementing key reforms. 

“We need to change things for the better and we are committed to continue working on this whatever the outcome on Wednesday,” he said.

On Tuesday 15th June, 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. 

Caruana previously said that Malta should pass the test, barring political motives within the FATF.

He has been in Germany for talks in recent days, hoping to turn the tide against Malta.

Today, he reiterated that greylisting would be a blow to all Maltese people, but stressed that regardless of the result the government will work towards safeguarding livelihoods.

The vote that will decide whether or not Malta is greylisted will take place on Wednesday 23rd June.