The Maltese islands made significant progress in the battle against money laundering and the financing of terrorism (AML CFT). An assessment that was published late last week by MONEYVAL confirmed that Malta is no longer “non-compliant” or “partially compliant” as it met general expectations following a number of shortcomings that were identified by the same Committee two years ago.
Thus, ratings for Malta have improved. In fact, the report states that within two years “Malta has achieved full compliance with 12 of the 40 FATF recommendations constituting the international AML/CFT standard. Malta retains minor deficiencies in the implementation of another 28 recommendations where it has been found ‘largely compliant’.
What’s expected to happen next?
The next step is the opinion by FATF – Financial Action Task Force that is expecte to take place at the end of June or early July.
Since the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, known as MONEYVAL has kept Malta in enhanced follow up. This means that another report to the MONEYVAL Plenary will be expected to be presented in two years’ time. This is expected to happen to confirm that further progress has been made by Malta to strengthen its measures in relation to AML implementation.
How can entities ensure that they are compliant with AML and CFT regulations?
Corporate Services Providers like Fairwinds Management Limited offer Anti-Money Laundering Advisory Services to guide and assist the respective bodies by fulfilling all regulatory obligations as requested by the Malta Lotteries and Gaming Authority and the relevant laws.