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Malta is off the FATF grey list - Gibraltar added and greyed out!!

20/06/2022

FATF – a global anti-money laundering body – keeps a list of “jurisdictions under increased monitoring”, also known as its grey list. FATF explains that it places countries on the list if it believes they have “strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing”.

Gibraltar

  1. The body revealed that Gibraltar was added to the list in a press conference  FATF chair Marcus Pleyer explained
    • “Gibraltar needs to take a number of steps including focusing on gatekeepers to the financial system, including gambling operators and lawyers,”
    • “At the moment, supervisors are not applying sufficient fines for anti-money laundering failings.

MALTA

  1. When it added Malta to the list, FATF presented Malta with an “action plan”, focused on three prongs. The first of these points related to demonstrating that beneficial ownership information is accurate, while the second and third related to increasing and better defining the role of its the Financial Intelligence Unit.
  2. In a March update, the organisation then revealed that Malta had “substantially completed its action plan”by making reforms. This included
    • Increased use of the Financial Intelligence Unit’s (FIU) services to pursue money laundering and criminal tax cases.
  3. However, the organisation decided that the country required an on-site review to ensure the AML measures are being implemented.
  4. With this review now complete, Malta has been removed from the list.
  5. FATF chair Marcus Pleyer explained
    • “That doesn’t mean there isn’t more work to do,”
    • “Going forward, the FATF strongly encourages Malta to continue improving its system.”

https://igamingbusiness.com/grey-list-malta-gibraltar/#:~:text=Gibraltar%20has%20been%20added%20to,though%20Malta%20has%20been%20removed

FATF