FATF Sends Its People To Malta For Greylisting Review
The Financial Action Task Force (or FATF) is the body which placed Malta on its ‘Grey List’ of countries not doing enough to combat money laundering and other financial crime. This week it will be sending a delegation to review whether Malta has done enough to be voted off the list.
Since the Greylisting, Maltese officials have been scrambling to address the shortcomings that led it to fall out of favour with the task force. Now after months of work and damage control, FATF officials will be returning to the island to follow up to their statement last month where they had stated that Malta was on the right track and tackling the issues it had highlighted.
Being greylisted means legitimate businesses seeking to invest will likely think twice before placing their assets in a country listed for batting an eye to financial crime. The FATF greylisting is a result of the well-rooted institutional corruption that plagues the Maltese islands. Should their findings over their three day stay conclude in a favourable opinion on the progress made, Malta could be off the greylist by summer.
Do you think Malta has cleaned its slate when it comes to financial crime?