MONEYVAL’s Enhanced Follow-up Report on Malta has just been published. Following the request in 2019 for Malta to report to MONEYVAL under the enhanced follow-up procedure, this report has now confirmed that Malta has applied improved measures to combat money laundering and terrorist financing. The report also states that the country has demonstrated significant progress in the level of compliance with the FATF Standards.
The report was published after a detailed examination by MONEYVAL of a range of legislative, regulatory and institutional measures implemented by Malta to address the technical compliance deficiencies identified in the 2019 Mutual Evaluation Report, particularly those that relate to the application of some of the preventative measures, transparency of legal entities, supervision and international co-operation.
The outcome is that “the positive steps by the authorities have prompted MONEYVAL to assign Malta higher international compliance ratings in the abovementioned areas; they have been re-rated from “partially compliant” to “largely compliant” and “compliant” for 9 FATF Recommendations”.
Read more here.