Malta Added to the FATF Grey List What are the consequences Jean Galea

Malta Added to the FATF Grey List – What are the consequences?

On June 25, 2021, Malta was incorporated into a list of countries and regions under the intensive monitoring of FATF. This is the first case that the EU member has entered the list, saying that the risk of money laundering and terrorism is excessive and unchanged.

Let's actually take a look at the current situation of Malta and why this peninsula was put into a "gray list":

In June 2021, Malta cooperated with FATF and MoneyVal and promised politically at the highest level of improving its performance/FT system. From the RVC approval stage in July 2019, Malta achieved progress with many measures recommended by RVC to improve its own system: Investigation of complex money laundering along the risk profile of Malta. Provide police resources for allegations and transfer the opportunity to prosecutors. Strengthen penalties for sin and expand the opportunity to investigate the movement across the border of foreign exchange vehicles to a highly likely business of FT. Enlarge the range and immediate information of the report on the penalties for money and improve the risk of FT in the NPO sector.

Malto continues to present (1) Presentation that the beneficiary information is considered clear, and if it is needed, it is effective, proportional and limited penalties that match the risk of OD / FT. We will strive to implement the intention of FATF's own intention of FATF behavior by using the method used in the corporation. (2) Expansion of economic fluttering to the assistance of an institution pursuing a criminal case for tax and funding, this is the amount through how to clarify the role and duty of profits and the role and duty of FIU. (3) Analyzes the appearance of this cruelty in order for Malta's law execution agency to demonstrate cases in accordance with the OD risk specified in Malta related to tax evasion, and to obtain information that can help to investigate. Increased interest in FIU to that.

The FATF website has the following description: < SPAN> On June 25, 2021, Malta was incorporated into a list of countries and regions under FATF. This is the first case that the EU member has entered the list, saying that the risk of money laundering and terrorism is excessive and unchanged.

Let's actually take a look at the current situation of Malta and why this peninsula was put into a "gray list":

In June 2021, Malta cooperated with FATF and MoneyVal and promised politically at the highest level of improving its performance/FT system. From the RVC approval stage in July 2019, Malta achieved progress with many measures recommended by RVC to improve its own system: Investigation of complex money laundering along the risk profile of Malta. Provide police resources for allegations and transfer the opportunity to prosecutors. Strengthen penalties for sin and expand the opportunity to investigate the movement across the border of foreign exchange vehicles to a highly likely business of FT. Enlarge the range and immediate information of the report on the penalties for money and improve the risk of FT in the NPO sector.

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Malto continues to present (1) Presentation that the beneficiary information is considered clear, and if it is needed, it is effective, proportional and limited penalties that match the risk of OD / FT. We will strive to implement the intention of FATF's own intention of FATF behavior by using the method used in the corporation. (2) Expansion of economic fluttering to the assistance of an institution pursuing a criminal case for tax and funding, this is the amount through how to clarify the role and duty of profits and the role and duty of FIU. (3) Analyzes the appearance of this cruelty in order for Malta's law execution agency to demonstrate cases in accordance with the OD risk specified in Malta related to tax evasion, and to obtain information that can help to investigate. Increased interest in FIU to that.

The FATF website has the following description: On June 25, 2021, Malta was incorporated into a list of countries and regions under the intensive monitoring of FATF. This is the first case that the EU member has entered the list, saying that the risk of money laundering and terrorism is excessive and unchanged.

Let's actually take a look at the current situation of Malta and why this peninsula was put into a "gray list":

In June 2021, Malta cooperated with FATF and MoneyVal and promised politically at the highest level of improving its performance/FT system. From the RVC approval stage in July 2019, Malta achieved progress with many measures recommended by RVC to improve its own system: Investigation of complex money laundering along the risk profile of Malta. Provide police resources for allegations and transfer the opportunity to prosecutors. Strengthen penalties for sin and expand the opportunity to investigate the movement across the border of foreign exchange vehicles to a highly likely business of FT. Enlarge the range and immediate information to be reported on the penalties for money and improve the FT risk in the NPO sector.

Malta’s reputation will suffer

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Malto continues to present (1) Presentation that the beneficiary information is considered clear, and if it is needed, it is effective, proportional and limited penalties that match the risk of OD / FT. We will strive to implement the intention of FATF's own intention of FATF behavior by using the method used in the corporation. (2) Expansion of economic fluttering to the assistance of an institution pursuing a criminal case for tax and funding, this is the amount through how to clarify the role and duty of profits and the role and duty of FIU. (3) Analyzes the appearance of this cruelty in order for Malta's law execution agency to demonstrate cases in accordance with the OD risk specified in Malta related to tax evasion, and to obtain information that can help investigate. Increased interest in FIU to that.

The FATF website has the following description:

"The underlying areas under the supervision are actively cooperating with FATF to deal with the strategic weaknesses in a system in a system for fighting money laundering, terrorist funding, and spreading funds. Putting a legal system in anticipation means that the country is subject to a duty to deal with almost immediately within a consistent time frame of the detected strategic weakness. In the stage, this list is often called "gray list".

This is the case with the precedent. Malta was audited for money and was reviewed by the government, but FATF pointed out that it was still necessary to solve a serious problem, and Malta is now a money laundering and terrorist funding (AML/CFT). We have the potential to continue to show a strong posture in the fight.

Here are some of what FATF is expecting in this regard.

Increased banking issues

Financial Activities Subcommittee (FATF) Chairman Marcus Player said that enhancing the money laundering prevention system would enhance the rule of Malta's law and the unity of economic systems.

"Malta authorities have no obligation to neglect the importance of these measures. It's not very pleased anywhere in the gray list, but after all, the Malta government cooperated with the FATF and all. He has expressed a clear political commitment to eliminate the deficiencies, and is very grateful for the commitment. "

According to him, a powerful money laundering prevention system leads to a lon g-term national interest, as it leads to strengthening of the law, social unity, social peace, and "sustainable and fair financial growth". It will be.

The following is my opinion about this excuse. As usual, I try to be fair and conscientious.

Failure of the EU as an institution

The FATF statement suggests that Malta is fully cooperating to improve his own game, but suggests that the immediate reaction of Malta government officials is not. In a statement published immediately after the announcement of the green list, the Labor Party government said, "Malta has many reforms, preventing corruption, discovering, effectively prevention, and giving money laundering and providing terrorism. I believe that it is not worthy of enhanced surveillance because it has led to the visible progress of Malta's abilities. " < SPAN> "Intensive supervision areas are actively cooperating with FATF to deal with strategic weaknesses in a system in a system in which money laundering, terrorist funding, and expanding funds. The fact that a FATF has been enhanced forecast means that the country has undergone a duty to deal with the strategic weakness that has been detected. At this stage, this list is often called "gray list."

This is the case with the precedent. Malta was audited for money and was reviewed by the government, but FATF pointed out that it was still necessary to solve a serious problem, and Malta is now a money laundering and terrorist funding (AML/CFT). We have the potential to continue to show a strong posture in the fight.

Here are some of what FATF is expecting in this regard.

Financial Activities Subcommittee (FATF) Chairman Marcus Player said that enhancing the money laundering prevention system would enhance the rule of Malta's law and the unity of economic systems.

This is a wake-up call

"Malta authorities have no obligation to neglect the importance of these measures. It's not very pleased anywhere in gray list, but after all, the Malta government cooperated with the FATF and all. He has expressed a clear political commitment to eliminate the deficiencies, and is very grateful for the commitment. "

According to him, a powerful money laundering prevention system leads to a lon g-term national interest, as it leads to strengthening of the law, social unity, social peace, and "sustainable and fair financial growth". It will be.

The following is my opinion about this excuse. As usual, I try to be fair and conscientious.

The FATF statement suggests that Malta is fully cooperating to improve his own game, but suggests that the immediate reaction of Malta government officials is not. In a statement published immediately after the announcement of the green list, the Labor Party government said, "Malta has many reforms, preventing corruption, discovering, effectively prevention, and giving money laundering and providing terrorism. I believe that it is not worthy of enhanced surveillance because it has led to the visible progress of Malta's abilities. " "The underlying areas under the supervision are actively cooperating with FATF to deal with the strategic weaknesses in a system in a system for fighting money laundering, terrorist funding, and spreading funds. Putting a legal system in anticipation means that the country is subject to a duty to deal with almost immediately within a consistent time frame of the detected strategic weakness. In the stage, this list is often called "gray list".

This is the case with the precedent. Malta was audited for money and was reviewed by the government, but FATF pointed out that it was still necessary to solve a serious problem, and Malta is now a money laundering and terrorist funding (AML/CFT). We have the potential to continue to show a strong posture in the fight.

Here are some of what FATF is expecting in this regard.

Financial Activities Subcommittee (FATF) Chairman Marcus Player said that enhancing the money laundering prevention system would enhance the rule of Malta's law and the unity of economic systems.

"Malta authorities have no obligation to neglect the importance of these measures. It's not very pleased anywhere in the gray list, but after all, the Malta government cooperated with the FATF and all. He has expressed a clear political commitment to eliminate the deficiencies, and is very grateful for the commitment. "

According to him, a powerful money laundering prevention system leads to a lon g-term national interest, as it leads to strengthening of the law, social unity, social peace, and "sustainable and fair financial growth". It will be.

The following is my opinion about this excuse. As usual, I try to be fair and conscientious.

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About Jean Galea

The FATF statement suggests that Malta is fully cooperating to improve his own game, but suggests that the immediate reaction of Malta government officials is not. In a statement published immediately after the announcement of the green list, the Labor Party government said, "Malta has many reforms, preventing corruption, discovering, effectively prevention, and giving money laundering and providing terrorism. I believe that it is not worthy of enhanced surveillance because it has led to the visible progress of Malta's abilities. "

Comments

  1. Other nations that compete for Malta's business will have a job opportunity. For example, Shields Gernsy has spoken about this brand new event, definitely presenting it in a pretty gloomy light.

Germa n-like countries also intend to bring the actual reputational damage caused by Malta to lead to a nation or a company or a company that consists of a nation with a more peaceful rule from Germany.

Malta's reputation as a taxhaven has no freshness and just bothered her. I was directly refused bank offer in other countries just because I had Malta's citizenship. This is of course strange and embarrassing, but it's just an example of a bad style that Malta has recently made.

Even if Malta is quickly excluded from graylists (the year-the most confident prediction in the future), reputational damage needs to be restored for a long time. In fact, I think Malta should be further frozen, like transparent, excellent management, and perfectly functioning administrative systems, and ultimately regain a favorable attitude toward the country.

  • I had to rely on the Western Union's proposal, but most people and companies who had the opportunity to use USA Bucks from their banks' accounts had a bad surprise. < SPAN> There is no business to talk to, and in fact, I think the same remarks are intensively understood of stupid political speech. Malta's reputation will fall into the ground, and one of its huge responsibilities is in the current administration. For the past five years, this peninsula has shaken by a journalist, Daphne Cariana Galicia, who dedicated his life to reveal Malta's corruption.

Other nations that compete for Malta's business will have a job opportunity. For example, Shields Gernsy has spoken about this brand new event, definitely presenting it in a pretty gloomy light.

  • Malta's reputation as a taxhaven has no freshness and just bothered her. I was directly refused bank offer in other countries just because I had Malta's citizenship. This is of course strange and embarrassing, but it's just an example of a bad style that Malta has recently made.

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Elim Poon - Journalist, Creative Writer

Last modified: 27.08.2024

This paper explores the strategic use of ambiguity illustrating how in Malta, laws, regulations, and international conventions are frequently misinterpreted by. Through the application of an effective Three Lines of Defence model, the Board of Governors looks forward to a risk-based culture already being introduced by. In Malta was unfortunately added to the FATF Grey List, underscoring the need for further focus, as a country, on combatting financial.

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