Opposition Leader Bernard Grech has welcomed the update by the Financial Action Task Force but warned that much more work needs to be done for Malta to exit the grey list.

He also said that the “damage has already been done and will remain for a while.”

On Friday, the FATF said it made the 'initial determination' that Malta has 'substantially' completed its action plan, and an on-site visit is expected to verify the implementation of reforms.

Speaking to journalists on Saturday, Grech said the PN welcomed the news that the government did everything it needed to do to honour the action plan, “as was its duty, after it got Malta into the grey list.”

“We immediately welcomed the news. But we should never have been grey listed in the first place because of Robert Abela and his government. The least he could do was to start working to get us out. We are still on the grey list and there is still a lot to be done. But the point is that the damage has been done and will remain for a while, so it is important that we exit the grey list as soon as possible.”

Grech said the development confirms that his pledge to get Malta off the grey list within three months was not an impossible task, in fact it was doable. “If I am elected as Prime Minister, I am determined to get Malta off the list within three months.”