Robert Abela has expressed confidence that Malta will emerge from the FATF’s grey list as a more effective and attractive jurisdiction.
Speaking on ONE TV, the prime minister said the government would implement the necessary changes to make Malta’s anti-money laundering regime more effective in the shortest possible time.
He denied insinuations that the government downplayed the gravity of the needed reforms.
The Financial Action Task Force on Friday released a three-point action plan containing further reforms necessary to make the country’s anti-money laundering systems more effective.
At the heart of that plan is an improved commitment to effectively fight tax crimes by using intelligence to catch tax cheats, and better policing of ultimate beneficial ownership rules.
Reforms will not harm legitimate businesses'
Abela said the remaining reforms would not be implemented in a way which stifles “legitimate businesses”.
The prime minister said the country had already received a “certificate of excellence” from Moneyval, and looked forward to receiving another one from the FATF.
He said the government had already carried out a raft of reforms to strengthening anti-money laundering systems in response to 58 action points drawn up by Moneyval.
Moneyval’s 2019 assessment of Malta’s anti-money laundering regime found major shortcomings in the government’s will to fight money-laundering and corruption.
Abela said the government had in a short span of time managed to implement almost all of these Moneyval action points.
He acknowledged more work needed to be done to show these legislative changes were proving to be effective on the ground.
“We have to work seriously and professionally to convince that the reforms carried out on paper are effective.”
A positive challenge
Abela said the FATF’s verdict was a positive challenge which will leave Malta in a position to demonstrate it has a strong will to fight financial crime.
Touching on a meeting he had with German finance minister Olaf Scholz last week, Abela said the discussions held were in synch with the FATF’s action plan.
Germany currently holds the presidency of the FATF, and was one of the countries that pushed for Malta to be greylisted.
Abela also announced during the interview that the country is to tap €320 million in EU grants and loans as part of a recovery and resilience facility.
He said the plan would translate into projects and initiatives that are essential for the country.