FATF keeps Malta on grey list
The financial watchdog has decided to keep the igaming hub of Malta on its list of untrustworthy jurisdictions for money laundering and terrorist financing.
Malta.- The Financial Action Task Force on Money Laundering (FATF) isn’t ready to remove Malta from its grey list yet. Despite Malta making a significant political commitment to work with the FATF and MONEYVAL to enhance anti-money laundering (AML) and counter-terrorist financing efforts, the FATF has decided that strategic deficiencies remain.
Malta was added to the grey list in June in a blow to its international reputation. It’s since moved ahead with an AML action plan.
FATF said: “Malta should continue to work on implementing its action plan to address its strategic deficiencies, including by continuing to demonstrate that beneficial ownership information is accurate and that, where appropriate, effective, proportionate, and dissuasive sanctions, commensurate with the money laundering and terror financing risks, are applied to legal persons if information provided is found to be inaccurate.”
FATF said those who do not supply the required information should received “effective, proportionate, and dissuasive sanctions”.
It’s suggested that Malta make better use of Financial Intelligence Unit (FIU) to aid the pursuit of criminal, tax and other money laundering cases and to produce intelligence to allow Maltese authorities to identify high-risk cases.
The Malta Gaming Authority (MGA) has updated its requirements for key function holders and auditing. New applicants for Maltese gaming licences will have to inform the authority of the identities of their CEO, compliance executive and AML executive.
