Global dirty money watchdog removes Malta from its gray list
VALLETTA, 17 June (Reuters) – The World’s chief money-laundering and terrorist financing (FATF) watchdog said on Friday that Malta was no longer subject to the increased monitoring process. decision welcomed by the Prime Minister of the Mediterranean island.
The Paris-based Intergovernmental Financial Action Task Force had put Malta on its gray list of unreliable jurisdictions in June 2021. read more
It told the smallest EU state to step up the fight against tax evasion, strengthen the collection of information on ultimate beneficial ownership, and improve the way it shares data with the authorities. local and international.
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The FATF said in a statement that Malta had strengthened its oversight of the financial sector, while watchdog president Marcus Pleyer said the country was in a better position to tackle money laundering and money laundering. terrorist financing.
Malta, he said, is now identifying companies that have hidden their real owners, was imposing more penalties for money laundering and had improved its company register.
“Dozens of effective enforcement actions have been taken against company owners, compared to zero before,” he said during a visit to the country. “Malta is now stopping the risks of money laundering related to shell companies.”
Prime Minister Robert Abela said that Malta remained committed to strengthening its governance and institutions.
“The reform process was a challenge that turned it into an example of how Malta was a reputable financial jurisdiction,” Abela told reporters. “We will continue to fight financial crime, notably money laundering and terrorist financing.”
The Malta Chamber of Commerce welcomed the FATF decision.
“The next goals must be to achieve a sustainable regulatory environment where anti-money laundering obligations are more risk-based, proportionate to the size of the business, and effective in rebuilding. our reputation as a reliable and competitive jurisdiction, “he said. .
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Reporting by Christopher Scicluna; Edited by Crispian Balmer and David Evans
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