So far, so good: Malta’s efforts recognised by Moneyval

Posted:: Mar 29, 2021 12:00 Category: Regulatory , Europe , Posted by Maria

Reforms introduced so far have given positive feedback

Since failing the initial review in 2019, Malta has done its best to reform the shortcomings flagged by Moneyval according to a draft position on Malta circulated among the Council of Europe Member states.

Acceding to Times of Malta this may be indicating that Malta is heading towards an ‘all-clear’ from Moneyval, though the final decision will only arrive later this year.

Indications show that the Government of Malta was given positive feedback by the Council of Europe anti-money laundering expert committee on a raft of reforms introduced in recent months.

MONEYVALQuoting unnamed sources, Times of Malta wrote that “If we take our foot off the acceleration pedal and stop driving forward these necessary changes, we could end up in trouble with the FATF. So, while we made some good progress, we still have a way to go.”

During a political activity on Sunday, Prime Minister Robert Abela confirmed that the Maltese Government has received a draft from the Moneyval Committee but insisted that until the final report by FATF is issued over the next couple of months there is still some more work to be done.

Abela stated: “We will continue working to pass the stage that Malta won’t be grey listed and I believe that with a lot of work we can reach that point. I never want this situation to repeat itself in this country and, after June, we will continue making changes to strengthen anti-money laundering.”

Malta’s Opposition leader Bernard Grech also welcomed the news but lambasted the government for leaving the situation to deteriorate over the past years.

Last October the government submitted its final report to Moneyval experts . The report was aimed to avoid being grey listed as a high-risk country for financial crime.

In January, SiGMA News reported that during a meeting for the Malta Council for Economic and Social Development, the Prime Minister stated that he is convinced Malta will pass the Moneyval test and satisfy all the requirements.

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