Exit from the FATF gray list: a one-day conference in December
The Malta Institute of Accountants (MIA) is organizing a one-day anti-money laundering conference in December to raise awareness of how Malta can get off the gray list of the Financial Action Task Force (FATF). ).
Only a few months have passed since Malta broke the news that it had been listed by the global guardian of money laundering and terrorist financing. While a previous assessment by the Council of Europe’s Moneyval had found that Malta’s regulatory framework was technically compliant, the FATF was not satisfied with the level of implementation of such a framework in practice. This exposed Malta to greater and persistent risks of money laundering and terrorist financing, and pushed the FATF to put Malta on the list of countries undergoing greater monitoring.
Being on the FATF gray list brings with it many disadvantages, the most serious of which is the fact that being placed on such a list can affect the country’s attractiveness to investors.
The level of risk assigned to a company or individual based in Malta when assessed by a foreign institution has increased, with the consequence that investors may look elsewhere when deciding where to settle. Going through due diligence involves time and money, factors that both investors and corporations are sure to seek to avoid when considering where to set up.
“Being on the FATF gray list brings many disadvantages, the most serious of which is the fact that being placed on such a list could affect the country’s attractiveness to investors.”
However, not everything is doom and gloom. Getting off the gray list is not an impossible feat as evidenced by the experience of other countries. The Maltese government has clearly expressed its strong resolution to take the bull by the horns to address the issue in accordance with an action plan agreed with the FATF.
The MIA believes that professionals have a key role to play, particularly given that the FATF has emphasized the fight against tax crime and the need for greater transparency of the final beneficial owners of companies as both key areas of concern to be addressed by the country to be removed from the list.
In its efforts to emphasize the importance of these elements, the MIA conference is bringing together a group of keynote speakers who will be able to provide more insight into the key concerns raised by the FATF and action. necessary corrective action identified.
With the input of representatives from all relevant national competent authorities, this knowledge conference will be an ideal forum for a sincere discussion on how all professionals and competent authorities can move in the same direction to ensure that Malta get out of the said gray list in the shortest time. possible and with the least painful repercussions possible.
The exit from the current situation of the country is in the common interest of all stakeholders and Malta’s efforts will only be successful with a collective effort from the different stakeholders.
The MIA anti-money laundering conference is taking place on 7 December. More details are available at www.miamalta.org/exiting-the-grey-list.
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