Robert Abela 'convinced' Malta will pass Moneyval test

Prime Minister Robert Abela told industry leaders during an MCESD meeting that he is "convinced" Malta will pass the Moneyval test.

Abela confidently told MCESD that the work carried out over the past months in terms of good governance and financial crime will see Malta pass the evaluation.

Government submitted their final report to Moneyval experts last October in a bid to avoid being grey-listed as a high-risk country for financial crime. 

Malta had initially failed a first assessment from Moneyval in 2019, after which government was given a year to patch up any legislative gaps in terms of money laundering and terrorist-financing. 

Last September MaltaToday revealed that US embassy representatives are casting a shadow over Malta's Moneyval test. American government enjoys observer status in the Moneyval monitoring body, and on top of this retains clout inside the Financial Action Task Force, the international umbrella organisation against money laundering. 

Malta's Moneyval assessment will be reviewed by this task force.

The theme of today's MCESD meeting was centred around governance. Both Robert Abela and Minister within OPM Carmelo Abela fleshed out a variety of reforms and steps taken by government in the area of good governance. 

"In a short amount of time we carried out reforms without precedent. We worked to foster discipline and seriousness, and strengthen institutions that required changes," the PM said.

Carmelo Abela gave the example of the FIAU. "In 2015, the FIAU had 15 employees. Projected for 2021, the FIAU is looking to have 158 employees," he said.