FATF has added Malta to the ‘Increased Monitoring’ List

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The Financial Action Task Force has added Malta to its Increased Monitoring List for failing to implement adequate AML & CTF controls.

The Financial Action Task Force (FATF), working with MONEYVAL to strengthen the effectiveness ofAML/CTF controls, reviewed the progress made by Malta with regards to its recommendations and, while noting the enhancements made, added Malta to the increased monitoring list in June 2021.

Malta will work with the FATF to implement its action plan by:

  1. Continuing to demonstrate that beneficial ownership information is accurate and that appropriate dissuasive measures are in place when information is found to be inaccurate, to be applied to relevant legal persons and any relevant gatekeepers when failing to seek accurate and up-to date information on beneficial ownership;

  2. Enhancing the use of the FIU’s financial intelligence to support authorities pursuing criminal tax and related money laundering cases, including clarifying the roles and responsibilities of the Commissioner for Revenue and the FIU;

  3. Increasing the focus of the FIU’s analysis on these types of offence, to produce intelligence that helps Maltese law enforcement detect and investigate cases in line with Malta’s identified Money Laundering risks related to tax evasion

Read the full document “Financial Action Task Force (FATF)” on fatf-gafi.org

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