The Malta Developers Association (MDA) said in a statement that it is closely monitoring the serious threat of Malta being grey listed by the Financial Action Task Force (FATF).

On Wednesday, the FATF is expected to take a decision on whether or not to grey-list Malta.

“Should this possible threat materialise, despite diligent efforts of all government officials and civil servants and following Moneyval’s positive feedback, the negative effect on the economy will spare no sector, employer or employee, but it will have a negative effect on Malta’s economy in general.”

MDA said that it appreciates that “both the Prime Minsiter and the Minister of Finance, Clyde Caruana, have done their utmost to try and steer Malta out of this very serious and uncomfortable situation. In the circumstances, MDA assures the Prime Minsiter that it will always support any actions intended to benefit Malta’s economy and hopes that Malta will avoid the threatened grey-listing. It appeals to all stake-holders and genuine Maltese to cooperate with the current administration’s efforts on this issue.”