FATF in Malta to analyse reforms in the fight against money laundering

VALLETTA (MALTA) (ITALPRESS/MNA) – Experts from the Financial Action Task Force (FATF) are in Malta on a three-day visit to assess whether the Maltese authorities have started to implement the necessary reforms to improve the fight against money laundering and tax evasion following the decision taken in June, 2021 by the FATF to include Malta on its grey list.

The grey list is updated by the FATF regularly and if countries commit to implementing the necessary reforms and thus improving their legal framework to bring it in line with FATF standards, then it is possible that these countries will be removed from the organisation’s grey list.

The FATF team are holding meetings with various Maltese government officials to assess if the country is doing enough to combat financial crime.

The decision to carry out an onsite visit was confirmed by the FATF at its plenary session in February 2022 wherein it was expressed that Malta has substantially completed its action plan. Last month, the FATF publicly announced that initial indications showed Malta had substantially completed its action plan and appeared to have addressed the shortcomings identified ten months ago. However, the FATF is expected to announce its decision about Maltàs greylist status during its next plenary session, scheduled for June.

As a major fiscal centre, the gambling and financial services industries play a key role in Maltàs economy – as of last year, betting and gaming generated €700 million annually and accounted for 12% of the nation’s GDP. Malta also provides a base for headquarters or regional offices of over 250 betting operators including Betsson, Tipico and William Hill. As of last year, the gambling industry, directly and indirectly, supported 9,000 jobs on the island.


Source: medNews