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‘No Easy Task’ But FIAU Director Confident Malta Won’t Get Greylisted By Moneyval

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Director of the Financial Intelligence Analysis Unit (FIAU) Kenneth Farrugia says he is confident that Malta will implement all recommendations from the anti-money laundering monitoring body Moneyval ahead of the looming October deadline.

Malta had failed a Moneyval test back in September 2019 and was given just over a year to address shortcomings in its anti-money laundering regime. A failure to do so could see Moneyval recommend that the Financial Action Task Force places Malta on its “grey list”, which will see the island subjected to enhanced monitoring procedures.

“We all agree that fulfilling all Moneyval recommendations and ensuring effectiveness is not an easy task,” Farrugia told Lovin Malta.

“However, I can vouch that from an FIAU perspective, we are doing our utmost to implement fully all recommendations within the stipulated deadlines.”

This comes after Financial website moneylaundering.com reported that Richard Daynes, a legal advisor with the U.S. Embassy in Malta, said that there are still too many hurdles present for Malta to avoid being greylisted.

Manfred Galdes, who is Farrugia’s predecessor, shared the article on Linken and affirmed what Daynes said in that Malta being greylisted is currently inevitable.

“We should be focused on softening the blow and getting out of the grey list in within the shortest time possible,” he wrote.

Do you think Malta will pass this year’s Moneyval test?

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Sam is a journalist, artist and writer based in Malta. Send her pictures of hands or need-to-know stories on politics or art on [email protected].

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