The United Kingdom has just passed a law legally defining Malta as ‘high-risk’ following the island’s greylisting by the Financial Action Task Force (FATF).
The new law, which features a list of countries considered high-risk in terms on money laundering and terrorist financing, also includes other newly greylisted countries Haiti and the Philippines.
The list includes a number of countries considered to have problematic approaches to financial crimes, including Panama, Sudan and the Cayman Islands.
North Korea – known officially as the Democratic People’s Republic of Korea – is also included.
You can see the full list below:
On the new list, Ghana, which has been whitelisted, is no longer classed as a high-risk country due to “enhanced customer due diligence requirements in regulation 33(3)”.
Do you think Malta deserves to be classified as high risk by the UK?