APrime Minister Robert Abela said Saturday that the efforts on good governance and against money laundering made by Malta in the past months have been recognised by the Financial Action Task Force, which will now be sending a mission to Malta to confirm this "significant step forward".

The Financial Action Task Force (FATF) on Friday 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.

Addressing a press conference, Abela said that this development meant that what the government did to combat money laundering has been noted by the FATF, which is now on its way to remove Malta from the grey list.

We are not at the end of the road yet, but we are on the way there, the PM said. He added however that "we must remain cautious and continue working" for Malta to achieve its goal.

Finance Minister Clyde Caruana said the FATF step confirmed what the government has said all along, that it is committed to rectify the situation in the best interests of the country. 

"Although the work on this matter is not very visible, work is being carried out to get Malta off the grey list," Caruana said.

Malta had been placed on the grey list in June last year. The country was grey listed by the FATF after Malta was deemed to have made insufficient progress in two areas. These are related to information about the Ultimate Beneficiary Owners of companies and on efforts to combat money laundering deriving from tax evasion.

Answering questions posed by the media on matters related to the FATF, Abela said that FATF assessors will visit Malta by June.

“We had a plan which we implemented in an efficient and effective way. Technical experts on the matter will continue working on this independently and silently,” Abela said.

He added that they will continue to receive all the backing and resources they need.

Although progress has been made, Abela urged caution on the matter, saying that it would be a mistake to mention any dates as to when Malta would be put off the grey list.

“The government is committed to making a change. We remain steadfast on our commitment to deliver our word. The progress that is being made goes to show that we are a serious jurisdiction,” Abela said.