Malta listed as high-risk for money laundering by UK

Malta has been placed among a list of high-risk countries for money laundering and terrorist financing. Malta was placed on the list along with Haiti, Philippines and South Sudan, as Ghana was removed. The regulations came into force on the 13th of July, with Malta joining the likes of Yemen, Democratic People’s Republic of Korea, Pakistan and Zimbabwe.

The regulations concern purposes of enhanced customer due diligence requirements. This follows Malta’s grey-listing by the Financial Action Task Force (FATF). This reflects significant deficiencies in Malta’s anti-money laundering and funding of terrorism framework.With Malta facing increased monitoring, it will need to demonstrate progress on several factors in order to be removed off the grey-list. The government has revealed that an 18-month plan to get off the list is in the works, with the Opposition Party pledging a 3 month plan should it be reelected.

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Photo Source: Health Europa