Government has an action plan so that by 18 months FATF will place Malta on its White List
The Minister for Finance and Employment, Clyde Caruana, is operating an action plan to deal with all the sectors that according to FATF Malta had failed in so that Malta will once more be restored to the White List. Minister Caruana announced this while attending the 14th annual conference of Finance Malta where matters related to finance were discussed, including as to how challenges should be addressed in future.
The Minister explained that over the last month the Government continued with its work to address those aspects that had caused FATF to place Malta on the Grey List. He explained how the relevant institutions are carrying out the necessary reforms so that in 18 months’ time, FATF restores Malta to its White List.
He said a plan of action is being compiled to put to be submitted to members regarding the points that have to be addressed because ultimately when the country is put to the test, it will succeed. He said the country had 50 indicators and had failed in two of them and so an action plan is now needed to enable the assessors to see that the failings have been addressed.
The Chairman of Finance Malta, Rudolph Psaila, said the theme of this year’s conference is how the financial services sector is to be strengthened in the future. He said this is a most regulated sector and therefore it is important that sector operators discus future challenges.
Psaila said this conference is an important one because it is bringing together important stakeholders, that is, regulators, authorities and practitioners, and these are discussing FATF matters and other challenges in the financial sector. It is also looking ahead of what the situation will be in ten years’ time and how this should be handled.
The EU Commissioner for Financial Stability and Financial Services, Mairead McGuinness, participated in the conference through a recorded message in which she maintained that such conferences as that of Finance Malta provide an opportunity for the financial services sector to begin the road for recovery and strengthen in the coming years.