By AMLi Correspondents
MALTA was today to the Financial Action Task Force’s ‘Grey List’ – a decision that experts have already said is likely to bring significant harm to the financial services of the small island state.
Following a vote Wednesday afternoon by FATF members at the watchdog’s current plenary, it was decided Malta would join 19 other non-EU countries on the ‘list of jurisdictions under increased monitoring,’ and will remain there for the foreseeable future.
No official announcement has been made yet and is likely Friday. First of all broader approval from FATF’s membership has to be confirmed before that can be done.
Reports coming out of Malta that Romania had also been ‘Grey Listed’ were denied by FATF sources. “Romania hasn’t even had its mutual evaluation yet, so no idea where this speculation comes from,” a source told AML Intelligence.
In the meantime, the Malta move has shocked EU officials in Brussels. It looks like Malta’s fate was sealed when