Written by Malta was voted off the Financial Action Task Force grey list on Friday. Much-awaited news that restores trust in the Maltese jurisdiction. A lot has been achieved in a short span of time particularly in relation to the FATF Action Plan which introduced new means of doing things that provide businesses with peace of mind when doing business.
For the Malta Business Registry this does not mean the end of the journey. It is simply an acknowledgment of the tremendous work done and the start to pursue the path built. Our work be it the enhancement of compliance requirements, new due diligence procedures and an up-to-date and fully populated Beneficial Ownership Registry are just a few of the key achievements which put the entity amongst key players in the fight against money laundering and the financing of terrorism.
FATF said in a statement that Malta had strengthened its oversight of the financial sector, while the watchdog’s president, Marcus Pleyer, described Malta’s case as a success story and said that the country was better placed to tackle money laundering and the financing of terrorism. Malta, he said, was now identifying companies that concealed their true owners, it was imposing more penalties for money laundering, and it had improved its company registry.
In a conference that followed, Malta’s Prime Minister, Hon. Robert Abela said, “The reform process was a challenge which we turned into an example of how Malta was a reputable financial jurisdiction.”
Dr. Geraldine Spiteri Lucas, the MBR’s Chief Executive Officer and Registrar said, “As an MBR we thank our hardworking employees, all companies, foundations, associations, CSPs who all understood MBR’s vision and adapted. Finally we would like to thank the Office of the Prime Minister, Ministry for the Economy, Ministry for Finance, and National Coordination Committee, all of which provided us with constant support in view of the necessary changes brought about in the best interest of the Maltese jurisdiction. The MBR shall remain as a shoulder to everyone who seeks its services and guidance. Our work is reflected in the up-to-date portal which we encourage everyone to use.”