FATF

The Financial Action Task Force (FATF) has this afternoon, voted to place Malta on its grey list of countries around the world deemed to be fighting money laundering and the financing of terrorism in an unsatisfactory way, according to reports in local media.

Sources are cited within both the Government and Opposition, stating that the vote took place shortly after 2:30 pm and that the plenary delegates voted to place Malta on the list.

Now officially referred to as a ‘Jurisdiction Under Increased Monitoring’, a signal has been sent to the international banking and commerce community that there are heightened risks surrounding doing business in Malta.

No official announcement by the FATF is expected today, although a press briefing will be held on Friday afternoon where it is expected that it will communicate the outcome of decisions taken throughout its full week of plenary sessions.

The news will be a major disappointment to the local iGaming industry, which is conceived of as a high-risk industry by the international community, meaning the impacts on the industry of the greylisting could be particularly pronounced.

It will also be a shock, considering that many had previously expected Wednesday’s vote to be a formality, since Malta had in May passed its latest Moneyval test.

Responding to the news at the time, Enrico Bradamante, Chairman of Malta’s association of iGaming companies, iGaming European Network (iGEN), said he hoped the green light would allow the country to begin rebuilding its reputation.

Other countries on the list include Albania, Barbados, Botswana, Burkino Faso, Cambodia, Cayman Islands, Ghana, Jamaica, Mauritius, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Senegal, Syria, Uganda, Yemen and Zimbabwe.

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