Friday, March 1, 2024
spot_imgspot_img
HomeEconomyMalta registers progress to be removed from the grey list by FATF

Malta registers progress to be removed from the grey list by FATF

The Financial Action Task Force confirmed that Malta has addressed or largely addressed the action plan at the technical level following the decision taken in June 2021 by the FATF to include Malta in its list of countries under enhanced monitoring referred as the “grey list”.

Malta is the first and only EU country listed in the grey-listed by the global anti-money laundering watchdog. In an action plan agreed with the FATF, Malta made a political commitment to focus its financial intelligence capabilities on tax evasion and money laundering and increase transparency on anonymous shell companies.

The FATF said that Malta has substantially completed its action plan and started implimenting anti-money laundering and counter terrorist financing. Maltese Prime Minister Robert Abela and Finance Minister Clyde Caruana said that a delegation of the Financial Action Task Force) will be visiting Malta to verify the action taken by the government in its attempts to be struck off the FATF’s grey list.

The delegation is expected to visit Malta during the first half of the year. Abela said that the FATF will be able to see that Malta is taking the necessary steps to address its shortcomings, while the country remains cautious and works silently but surely to show it is a serious jurisdiction.

Source: ITALPRESS

DISCLAIMER

This article provides general information only and does not replace professional advice in any way. It is recommended to consult a qualified professional before making any important decisions regarding financial, legal or other matters. The author and the publication are not responsible for any errors or damages caused by the use of the information contained in this article.

We are memberspot_img
spot_img

Related articles

The collaboration between Malta and Catalonia takes shape

It explores the evolution of collaboration between Malta and the Region of Catalonia on innovation, technology, and trade, with the aim of strengthening future ties and partnerships.

Malta’s remarkable demographic surge: a decade of unprecedented population growth

Malta's extraordinary 28.3% demographic growth over the past decade, outpacing other European countries, and its implications for the island nation's future.

Malta’s maritime sector faces new challenges with EU environmental Taxes

The challenges facing the Maltese maritime sector from 2024 onwards, with significant surcharges and price increases on shipping routes from Italian ports under the EU Emissions Trading Scheme, urging local associations to seek better conditions.

Funding focus
Discover the news in the dedicated section