Malta has been placed on the UK’s high-risk countries for money laundering and terrorist financing.
This blow to Malta’s reputation comes weeks after Malta was placed on the grey list by the Financial Action Task Force.
Ghana has been taken off the list which came into force on 13 July.
Malta is the only European country to be listed by the UK. Haiti, The Philippines and South Sudan have also been added.
The UK has placed Malta among the list of high-risk countries for money laundering and terrorist financing.
The other countries currently on the list are: Albania, Barbados, Botswana, Burkina Faso, Cambodia, Cayman Islands, Democratic People’s Republic of Korea, Iran, Jamaica, Mauritius, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Senegal, Syria, Uganda, Yemen, and Zimbabwe.
These regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. an explanatory note says.
The regulations may be seen here