Thursday, 15 July 2021, 09:46
Last update: about 1 minute ago
Over the past years, Malta has made significant efforts and improvements in its financial crime risk compliance, explained Rudolph Psaila, Chairman of FinanceMalta.
Speaking to Dayna Camilleri Clarke, Psaila said he is confident that, with all stakeholders’ collective contribution and co-operation, Malta will overcome the Financial Action Task Force (FATF) challenge as it did with other recent challenges.
“The level of effort that Malta has undertaken to ensure international AML obligations are reached and its institutions strengthened, is something we know very well. Understandably, it was disappointing for everyone in the sector to hear this news, especially since, over the last two years, Malta made significant efforts and improvements and no longer has any “partially compliant” or “non-compliant” ratings in its assessment by Moneyval. Malta has implemented several reforms across the board, both on technical matters, but more importantly, in practical terms. We thank all those who were involved in this process, and it is reassuring that FATF and the government have also agreed on a programme and will be working together to address the issues raised. Communication is key, and it is important that as the agreed implementation plan progresses, this progress is communicated regularly to all stakeholders in order to keep everyone in the loop of all developments taking place, including those investors we will continue working with.”