During the Plenary of the FATF held between the 14th and 17th of June 2022, it was announced that Malta has been removed from the list of jurisdictions with strategic deficiencies and hence no longer subject to increased monitoring by the FATF.
During the Plenary it was announced that “The FATF welcomes Malta’s significant progress in improving its AML/CFT regime. Malta has strengthened the effectiveness of its AML/CFT regime to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in June 2021 related to the detection of inaccurate company ownership information and sanctions on gatekeepers who fail to obtain accurate beneficial ownership information, as well as the pursuit of tax-based money laundering cases utilising financial intelligence. Malta is therefore no longer subject to the FATF’s increased monitoring process. Malta should continue to work with MONEYVAL to sustain its improvements in its AML/CFT system”.
Malta was originally placed on the list of jurisdictions with strategic deficiencies (referred to as the FATF greylist) in June 2021.
The list of jurisdictions with strategic deficiencies and subject to increased monitoring consist of:
Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Gibraltar, Haiti, Jamaica, Jordan, Mali, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Turkey, Uganda, United Arab Emirates and Yemen.
Under the Maltese AML regulatory framework, compliance officers and MLROs are obliged to carry out enhanced due diligence procedures when dealing with grey listed jurisdictions.
Please contact us if you require further information.
Franco Falzon C.P.A. LL.M
Tel: +356 2010 7771
Mobile: +356 9989 5679