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Malta passes MONEYVAL test

The Council of Europe’s Committee of Experts on the Evaluation of Anti-ML/FT (MONEYVAL) has issued a follow-up report on Malta’s progress to its AML/CFT safeguards. The report received a favourable vote from MONEYVAL during a Plenary Session held on the 29th April 2021, and concludes that Malta has achieved ‘largely compliant’ and ‘compliant’ ratings across all assessed AML/CFT areas. The follow-up report also covers the implementation of new international requirements for the virtual financial assets sector, with Malta being amongst the first countries to implement the AML/CFT regulatory framework in this sector.

MONEYVAL has concluded that Malta has succeeded to meet general expectation for countries to have addressed most if not all of the technical compliance deficiencies after the adoption of the mutual evaluation report, within two years.

As a result of an assessment in 2019, Malta was requested to report to MONEYVAL under the enhanced follow-up procedure. On the basis of the positive steps taken by Malta since 2019, MONEYVAL has assigned Malta higher international compliance ratings in the areas identified in the previous assessment, re-rating them from ‘partially compliant’ to ‘largely compliant’ or ‘compliant’.

For further information, please do not hesitate to contact us on dfcs@dfadvocates.com .

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