SiGMA

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.

SiGMA Roadshow – Next stop: Las Vegas:

After our successful roadshow in Ukraine -The SiGMA Roadshow‘s next stop is Las Vegas. Our Virtual Roadshow reflects SiGMA’s global events opening in 5 major regions over the next few years, specifically Europe, the CIS region, Asia, the Americas and Africa. Our previous virtual event, held in Ukraine, welcomed over 2,500 delegate registrations and over 1,500 conference views. There were also over 75 exhibitors and the number of total booth entries hit close to a 6k mark. Join us for our next Virtual Roadshow to learn more about the US gaming market!

Related Posts

Former CST boss appointed to…

Former Vice-President of the agency's Corporate Social Responsibility Group, James Patrick Bondoc, has been nominated to the Board of Directors…

Betcris and Genius Sports Sign…

Genius Sports Limited (NYSE:GENI) (“Genius Sports”) today announced a new strategic relationship with Betcris Betcris is the leading sports gambling…