Financial services practitioners want FATF to note improvements in Malta’s anti-money laundering regime

IFSP, an organisation representing financial service practitioners, says FATF should take into consideration Malta’s improvements in the fight against money laundering

22 June 2021, 11:54am
by Kurt Sansone

1 min read

Financial services practitioners could be hard hit if Malta is put on the grey list by FATF

Financial services practitioners say that changes to strengthen the anti-money laundering regime should be considered when the Financial Action Task Force decides Malta’s fate tomorrow.

The Institute of Financial Services Practitioners (IFSP) said Malta made substantial progress over the past years to address concerns about the effectiveness of its anti-money laundering regime.

“The IFSP and its members expect that the demonstrable improvements made by the country will form the basis for any decisions taken by FATF as it deliberates whether to place Malta under increased monitoring (the grey list) or not,” the organisation said.

It added that the Council of Europe’s Moneyval report released in May showed that Malta was largely compliant or fully compliant with all 40 of the FATF recommendations.

The FATF, an international body, is expected to deliver its verdict on Malta tomorrow amid concerns that the country could be put on the grey list despite Moneyval’s positive assessment.

Kurt Sansone is Executive Editor of MaltaToday. He was formerly deputy editor of MaltaTod...