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WATCH: ‘This Is Spin’ – Finance Minister Denies Request For Moneyval Extension

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Photo: One News

Finance Minister Edward Scicluna reacted to allegations that Malta may request a six-month extension from money laundering watch-dog Moneyval in order to meet its deadlines this October. 

“It is absolutely not the truth,” he told One News. 

“I have asked the ministries in the task force involved and they have no idea about this, neither do I nor does the Prime Minister.”

“This is a spin to give the impression that the government is not prepared,” he warned.

“The government is working towards implementing the recommendations and there is still a lot to do, although I believe we will meet the deadlines in a satisfactory way.”

Last week, the Finance Minister said that new laws are in the works to grant authorities tackling financial crime more powers to crack down on money laundering.

He said that Malta’s Financial Intelligence Analysis Unit will have more powers to investigate within a larger remit, ahead of Moneyval’s deadline this October.

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.

FIAU head Kenneth Farrugia also affirmed that they are working to meet deadlines within the stipulated timeframe.

Meanwhile, newly-appointed police commissioner Angelo Gafà has pledged to take a stronger stance against financial crime, his first action in office replacing Economic Crimes Unit head Ian Abdilla with Alexandra Mamo.

 

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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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