Malta is off the FATF grey list - Gibraltar added and greyed out!!
20/06/2022
FATF – a global anti-money laundering body – keeps a list of “jurisdictions under increased monitoring”, also known as its grey list. FATF explains that it places countries on the list if it believes they have “strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing”.
Gibraltar
- The body revealed that Gibraltar was added to the list in a press conference FATF chair Marcus Pleyer explained
- “Gibraltar needs to take a number of steps including focusing on gatekeepers to the financial system, including gambling operators and lawyers,”
- “At the moment, supervisors are not applying sufficient fines for anti-money laundering failings.
MALTA
- When it added Malta to the list, FATF presented Malta with an “action plan”, focused on three prongs. The first of these points related to demonstrating that beneficial ownership information is accurate, while the second and third related to increasing and better defining the role of its the Financial Intelligence Unit.
- In a March update, the organisation then revealed that Malta had “substantially completed its action plan”by making reforms. This included
- Increased use of the Financial Intelligence Unit’s (FIU) services to pursue money laundering and criminal tax cases.
- However, the organisation decided that the country required an on-site review to ensure the AML measures are being implemented.
- With this review now complete, Malta has been removed from the list.
- FATF chair Marcus Pleyer explained
- “That doesn’t mean there isn’t more work to do,”
- “Going forward, the FATF strongly encourages Malta to continue improving its system.”
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.