Malta is planning to get off the grey-list within 18 months. Permanent secretary at the Finance Ministry Alfred Camilleri stated that Malta had a very ambitious plan to get off the Financial Action Task Force’s grey list. Stating that his team are working on an action plan which is almost in its ‘final draft’, Camilleri stated that he and his team are very well advanced. Also the chairman of the National Coordination Committee on Combatting Money Laundering, Camilleri’s team is responsible for getting Malta back on the white list.
The news of the plan being in advanced stages was supported by Financial Intelligence Analysis Unit head Kenneth Farrugia. He pointed out how there had been jurisdictions that managed to get off the grey list in 18 months, giving hope for Malta to pull off a similar manoeuvre. The comments however contradict those of a leading global expert, who claimed earlier this month that it would take far longer for Malta to get off the list.
#MaltaDaily
Photo Source: Abardeen Research