Carl Brincat, the CEO of the Malta Gaming Authority, is “extremely confident” that Malta will be removed for the FATF’s grey list if its continues to implement a plan for reform that is already in place.
Speaking in an interview on Lovin Daily, Brincat, who is also part of task force beefing up regulations, explained that while he is “disappointed” with the “unjust” decision, he is still proud of the work that has already been done to bring Malta’s regulatory and enforcement framework up to scratch.
“We have the right tools to get out of the greylist as soon as possible. It’s hard to put a finger on a timeline, but I do not expect it to take years,” Brincat said.
FATF members voted to put Malta on the greylist following a secret meeting on 23rd June 2020, despite intense lobbying from Maltese authorities. Brincat was reluctant to share the issues FATF identified in Malta. However, he said that everything will be shared in a press conference tomorrow.
Brincat was keen to downplay the threat of greylisting – insisting that it was an “ugly term” and that Malta should not be painted with the same brush as the other countries on that list.
He said that the purpose of greylisting is to ensure countries will be cautious when looking into Malta, claiming that a number of safeguards are already in place and should put minds at ease.
“The term denotes a reputation problem – that’s why we must increase dialogue and transparency,” he said.
Brincat was faced with questions concerning his predecessors, Heathcliff Farrugia and Joe Cuschieri, both of whom have had their questionable relationship with Yorgen Fenech exposed. The former has even been charged with trading in influence over the issue.
However, Brincat said that their issues are not reflective within the MGA, stressing that it does not have any systemic issues.
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