Towards the end of last week, a positive vote in Strasbourg lead to Malta passing the MONEYVAL test. This news comes after the Maltese islands strengthened the country’s anti-money laundering system in the past months. This process was based on 58 recommendations that were given to the local authorities after failing an initial review from the same committee back in 2019.
What is MONEYVAL?
MONEYVAL stands for the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism.
The aim of this monitoring body of the Council of Europe is to assess and improve the capacities of national authorities to fight money laundering (AML) and the financing of terrorism (CFT) by making recommendations and conducting regular follow-ups.
What does last week’s news mean to Malta?
This result was surely welcomed by local business chambers as if Malta failed the test, it would have led to numerous consequences to the local financial services industry.
Passing MONEYVAL means that the Maltese islands are taking things seriously and can push forward major cases of crime and corruption.
What will happen now?
The scrutiny process is not over yet and MONEYVAL’s assessment report will be officially published by the anti-money laundering committee in summer. In the meantime, Malta is still to receive a final verdict by the FATF – Financial Action Task Force that should take place in June.
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.