On the 15th of June 2022 Malta’s reputation was cleared as the FATF removed the jurisdiction from the FATF grey list in a short time of just 12 months.
The FATF’s decision is welcomed following an intense period of time where the authorities and industry players worked towards a common goal, that of obtaining the best possible certification for the country’s commitment to prevent money laundering and financial crime. This clearance follows the excellent results which Malta had obtained from MoneyVal in 2021, where Malta was compliant or largely compliant with all forty recommendations.
The removal from the FATF grey list augurs well for Malta as a growing jurisdiction as it provides international investors the necessary comforts that business is being done in a reputable jurisdiction. This will lead increased foreign direct investment while providing the necessary assurances to the existing and new industries developing in Malta.
The removal from the grey list however is not a lesson which has to be forgone, and all industry stakeholders, as well as the authorities, need to continue working hand in hand to ensure the enforcement of the laws, rules and regulations, whilst at the same time promoting the island to attract reputable businesses, who identify Malta as a proper base for their operations.
FJVA is one of the largest corporate services providers in Malta and assists international business owners to start up in Malta through a wide portfolio of relevant services including company formations, compliance, business services and advisory, and licensing amongst other service offerings.