“The COVID-19 issue hasn’t helped us, however we are already way ahead of the path to deliver Moneyval’s tasks,” Eddington said, noting that the Malta Financial Services Authority has invested heavily in its IT infrastructure.

“We’ve introduced operational procedures and standards to achieve predefined goals.”

He said the pandemic has resulted in MFSA employees carrying out a lot of their work remotely, including remote financial supervision.

Alfred Zammit said he can comfortably say the FIAU, Malta’s institution that deals with money laundering and counter terrorism financing, is on target to deliver on Moneyval’s recommendations.

“The FIAU had already revised its policies and procedures to ensure that the Moneyval’s recommendations were met,” he said. “The FIAU is now focused on implementing the work in practice, carrying out examinations in accordance with this.”

He added that the FIAU has not seen a slow down in work since the outbreak of COVID-19 and that officials are continuously carrying out inspections and examinations through remote means.

Meanwhile, Finance Minister Edward Scicluna said that, while he is confident in Malta’s prospects of passing the Moneyval test, he remains unsatisfied with the state of the police’s Economic Crimes Unit.

“I admit that we are not satisfied with all he reforms and improvements in the Economic Crimes Unit,” he said. “They don’t have the right level of resources or structuring and they haven’t yet managed to attract the type of professionals one should require in a proper ECU.

“But we have now removed the monopoly of the police, with the Attorney General able to trigger prosecutions without the police. We are also expanding the FIAU so they can have a prosecuting function too.”

“We have accepted all of [Moneyval’s] recommendations as a way to move forward. This is the time to deliver change in how the world sees us.”