The Malta Independent 5 March 2024, Tuesday
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Decision on Malta’s potential FATF grey-listing set for 23 June

Wednesday, 16 June 2021, 09:26 Last update: about 4 years ago

A decision on Malta’s fate vis-à-vis its potential grey-listing by the Financial Action Task Force has been set for 23 June.

This is after the FATF’s International Co-operation Review Group (ICRG) analysed Malta’s anti-money laundering rules after its recent Moneyval assessment – which it was considered to have passed.

Malta in fact yesterday went through a review of its anti-money laundering rules and protocols by the FATF.

Multiple reports have stated that FATF assessors did not reach a unanimous decision on whether to recommend Malta be grey-listed or not, making a plenary vote between some 200 jurisdictions set for 23 June all the more important.

Delegates can either decide to go ahead with grey-listing Malta, or they can recommend that Malta be put in enhanced follow-up procedure, with another Council of Europe entity carrying out further monitoring of the country.

The Council of Europe’s anti-money laundering expert committee, known as Moneyval, voted during a confidential plenary in Strasbourg in April to approve a final report on Malta.

Two years ago, Malta failed the anti-money laundering test set out by the Council of Europe’s body and was in danger of being flagged as a risky financial jurisdiction.

Despite the positive result from Moneyval however, it is the FATF, which includes political powerhouses such as the United States, which has the final say on whether to place Malta on the grey-list.

Grey-listing would not place any specific financial sanctions on Malta, but it would warn the international financial community that the Maltese jurisdiction is not doing enough to combat financial crime.

If Malta is grey-listed, it would become the first EU member state to be placed on the list.

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