FATF task force in Malta next month to assess progress on greylisting action plan

Prime Minister Robert Abela has announced that the Financial Action Task Force (FATF) site visit to confirm Malta's progress to get off the greylist will occur next month.

Abela was speaking during an event at the MCAST institute in Paola on Friday afternoon.

“The fact that we had a short action plan and we managed to satisfy the criteria, is satisfying. I will not repeat the mistakes of others and say I will get us out of greylisting in three months. I will continue to exert caution and will deliver,” he said.

Earier this month, the FATF said Malta had substantially completed its action plan, warranting an on-site visit to verify that reforms have begun.

On 23 June 2021, Malta became the first European Union member state to be greylisted after the island failed to garner the necessary support from FATF members despite having passed from the Council of Europe's Moneyval test. The FATF identified shortcomings in Malta's efforts to combat money laundering and other financial crime.

Abela said Malta had to convince the FATF on a plan to implement 85 reforms.

“We instantly initiated the process to implement the reforms. In April, they will visit Malta, and during the next plenary, we hope to receive the result we are all waiting for,” he said.

The FATF plenary meets three times a year - in February, June and October.

READ MORE: FATF to conduct on-site visit by June, Robert Abela appeals for caution