Malta is at risk of being the first EU country to be grey-listed by Moneyval.

July 22, 2020

Following Malta’s fail grade in September 2019 of it’s anti-money laundering laws (AML/CTF) and their enforcement, Prime Minister Robert Abela has tried to reassure Members of Parliament (MP’s) and the public that he is confident they will pass the assessment due to take place in October 2020.

The Malta Financial Services Authority (MFSA) CEO Joseph Cuschieri has said the regulator is ready to bolster its investigative and supervisory powers against the problems of financial crime in preparation of the assessment, however both financial and AML experts are not so confident. They are urging businesses to be prepared for the ripple effect that the grey listing would create and the impact it would have to their economy.

They agree that to avoid failing the evaluation, authorities need to take further actions to ensure more robust AML procedures are in place across all regulated sectors, but are also urging for an umbrella investigation into corruption and murder in Malta, through the establishment of a Europol Joint Investigation team. Calling for assurance on the closure of the investigation into the assassination of journalist and anti-corruption activist, Daphne Caruana Galizia.

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