Malta no longer subject to FATF’s increased monitoring process

The Plenary of the FATF concluded its meeting in Berlin on Friday 17 June 2022.  Malta was placed on the list of jurisdictions under increased monitoring in June 2021, where it agreed with the FATF to improve a number of areas around compliance and AML. Malta had committed to swiftly resolve any shortcomings in its regime and present a plan to the FATF to increase its robustness and address any issues identified.

In fact in February 2022 the FATF determined that Malta had substantially completed its action plan and an on-site visit was conducted in May 2022, with a focus on the accuracy of 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.

In conclusion, whilst Malta should continue to work with MONEYVAL (of which it is a member) to sustain its improvements in its AML/CFT system, Malta is no longer subject to the FATF’s increased monitoring process.

The Maltese government welcomed the FATF decision, saying that Malta had implemented the action plan drawn up with the FATF in 12 months, confirming that Malta is a serious and reputable jurisdiction.

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