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Prime Minister Robert Abela addresses grey-listing during press conference

Prime Minister Robert Abela addresses grey-listing during press conference
Jun 23 2021 Share

Addressing a press conference following the Financial Action Task Force’s decision to place Malta on its grey-list, Prime Minister Robert Abela stated that Malta will remain committed to continue the reform programme. Even though the decision was deemed unjust for Malta, the Prime Minister stated that Malta’s achievements will be acknowledged through intense dialogue with the entities in question.

Abela stated that the reform and work will  be done with the governmental conviction that Malta is a modern country led by a strong government. He said that as Prime Minister, it is his duty to ensure that Maltese families and workers have the best possible institutions to protect their rights. He commended the Maltese ambassadors and leaders of organisations who defended Malta against money laundering for delivering a strong message during the FATF consultations.

Abela stated that he will not shy away from taking necessary steps to change how things are run whenever and wherever is required. Despite all the challenges, especially the unexpected introduction of the COVID-19 pandemic, the Prime Minister stated that he will still see to it that the government builds on all of Malta’s positive attributes and hard work. He encouraged the population to stay united as the work continues despite the grey-listing set back.

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“The government is in no way looking negatively at this situation” – Finance Minister Clyde Caruana

Jun 23 2021 Share

Following Malta’s grey-listing by the Financial Action Task Force, Prime Minister Robert Abela and finance Minister Clyde Caruana addressed a national conference to tackle Malta’s current situation in the midst of national concern.

“I don’t see why this should be an obstruction to the economy” Minister Caruana said, going on to state that he will, in no way, change Malta’s financial targets or national figures of economic growth.

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The Minister stated that much like Malta was amongst the best in the European Union in employment during the pandemic, he assured that the government will mitigate the grey-listing’s impact for families in Malta and Gozo.

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Michelle Muscat’s message to her husband on their 20th anniversary

Michelle Muscat’s message to her husband on their 20th anniversary
Jun 23 2021 Share

Ex-Prime Minister of Malta Joseph Muscat and his wife Micelle were joined in matrimony 20 years ago today. Celebrating their anniversary with their two daughters Etoile and Soleil, Michelle stated that 20 years ago the couple expressed their love for each other.

Malta grey-listed by Financial Action Task Force

Jun 23 2021 Share

After undergoing the crucial financial test to avoid ending up on the list, Malta ended up on the Financial Action Task Force’s grey-list. Despite having passed the Moneyval test after introducing a raft of reforms to fight money laundering, the country unfortunately still took the heavy hit as it is allegedly not doing enough to combat financial crime. Malta needed 37 votes to pass but fell short just at 36.

Malta is the first ever EU member state to be placed on the list. The USA, UK and Germany were against giving Malta a pass grade and have been trying to convince other FATF members to take the stance as well.

What does being grey-listed mean? One of the biggest impacts would be that foreign banks would not want to keep accounts with Maltese registered companies, including gaming companies.

Grey-listing would give a negative image to any company and thus would highly impact Malta’s economy. Other countries on the grey list include Iceland, Pakistan, Albania, Syria and Zimbabwe.

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