Malta remains on FATF grey list pending on-site review

The Financial Action Task Force has noted that Malta has made significant reforms.

Malta- The international anti-money laundering (AML) body, The Financial Action Task Force (FATF), has decided to keep Malta on its grey list of untrustworthy jurisdictions for now. However, it has suggested that the country is close to coming off the list.

It recognised that Malta had made significant reforms through its action plan after it was grey listed last year and had increased its use of the Financial Intelligence Unit’s (FIU) services to pursue money laundering and criminal tax cases. However, the body said that an on-site review would be needed to ensure the AML measures were being implemented before Malta could be removed from the grey list.

Last week, the Malta Gaming Authority advised gambling operators licensed in the country that European sanctions imposed on Russia due to its invasion of Ukraine require them to undertake new screening on business relationships and carry out background checks on customers.

Operators must stop any transaction, freeze assets and inform the Sanctions Monitoring Board of any customers whose funds may originate from Russian sources, it said.