LA VALLETTA (ITALPRESS/MNA) – Malta has avoided the danger of being grey listed by the Council of Europès anti-money laundering body after making “significant progress” in fighting money-laundering and terrorism financing.
In a statement issued on Thursday, Moneyval said Malta has succeeded to meet general expectations after a series of deficiencies were identified by Moneyval in 2019. It said Malta improved measures to combat money laundering and terrorist financing, demonstrating “significant progress” in the level of compliance with the Financial Action Task Force Standards.
After identifying deficiencies in the application of some of the preventative measures, transparency of legal entities, supervision and international co-operation, Moneyval asked the Maltese government to implement a range of legislative, regulatory and institutional measures. “The positive steps by the authorities have prompted Moneyval to assign Malta higher international compliance ratings in the mentioned areas.
However, the Maltese will have to report back to the expert group on further progress to strengthen its implementation of anti-money laundering measures.
The Nationalist Opposition welcomed the Moneyval report, describing it as a positive result for the country. “This comes as a relief for Malta, for businesses and for workers, particularly in the financial services sector, who had seen years of work and investment put at risk because of the way the government in the past seven years undermined the institutions and closed an eye to financial crime”.