Watch: Robert Abela Pledges Reforms Will Continue As Malta Taken Off FATF Grey List
Prime Minister Robert Abela has pledged to continue embarking on a series of reforms to Malta’s financial regime following the news that Malta has been placed off the Financial Action Task Force’s notorious grey list.
“As a general comment, I can say that a few months ago we gave our clear commitment to the FATF and the nation that we will conduct a series of reforms,” Abela told the press this evening.
“Those reforms have been carried out and the reform process will remain ongoing so as to strengthen Malta as a serious jurisdiction. Reforms will also continue in the spirit of sustainability.”
Earlier today, Times of Malta reported that the FATF took a secret vote today, in which it decided to remove Malta from the grey list, a year after it was placed on it.
Abela said the government will comment on the news when the FATF issues an official statement on Friday, following the end of the plenary session.
“Between now and Friday, we intend to keep on observing the FATF rules, as we have always done in recent months, including the principle of confidentiality, which is a very important criterion,” he said.
Malta was first put on the grey list in June 2021 due to concerns over the efficacy of its money laundering regime, particularly with regards the use of financial intelligence to pursue criminal tax and related money laundering cases, and the accuracy of its beneficial ownership system.
Malta’s greylisting raised serious concerns about the nation’s economic future, with 88% of businesses who responded to a Malta Employers Association survey stating it will have a negative impact.
It also resulted in fresh layers of bureaucracy in the financial services industry, with PN MP Graham Bencini warning last year that processing banking transactions had become practically impossible.
Opposition Leader Bernard Grech, who had pledged to take Malta off the grey list within 100 days of a new PN government, expressed his satisfaction at today’s news but said that “Malta’s name should never have been tarnished internationally the way it has over the past nine years”.
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