A crucial test to see whether Malta will avoid greylisting by the Financial Action Task Force (FATF) is now underway. 

The FATF grey list – officially referred to as Jurisdiction Under Increased Monitoring – includes countries determined to have strategic weaknesses in their anti-money laundering and terrorism financing framework, with a clear intention to address concerns shown. 

In order to be taken off the list, countries will need to work on a plan of action agreed to with the FATF. 

37 countries as well as the European Commission and the Gulf Cooperation Council, which have a vote at the plenary will decide whether or not Malta is placed on the list. 

A decision is expected to happen during the late afternoon. 

There will be no official announcement on the part of the FATF. 

Maltese government officials, including Finance Minister Clyde Caruana and Foreign Minister Evarist Bartolo, have been engaged in intense lobbying efforts in order to secure a favourable vote for Malta. 

Sources have told Lovin Malta that the government’s lobbying efforts have so far not seen it ensure a unanimous decision in its favour. 

If greylisted, Malta would be the first EU country to be placed on the list.