Tag Archives: Financial Action Task Force (FATF)

Philippines sets 2024 as deadline to come out of FATF ‘grey listing’

SBC News Philippines sets 2024 as deadline to come out of FATF ‘grey listing’

The Philippines is targeting 2024 as a deadline to become delisted from the ‘grey list’ of the Financial Action Task Force (FATF). All remaining shortcomings are to be addressed by the relevant government agencies in the country, as well as the Anti-Money Laundering Council (AMLC) of the Philippines, by order of President Ferdinand R. Marcos Jr. A government press release …

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EU demands enhanced due diligence on transactions with high-risk nations

EGBA 'confident of thorough investigation’ into legacy Dutch lottery licences

The European Union (EU) has warned regulators and trade bodies that businesses and individuals are required to carry out ‘enhanced due diligence measures’ when conducting financial transactions with “high-risk nations”.  The warning follows the European Commission (EC) updating protocols of the “Regulation on High-risk Third Countries” in December 2022. The mandate identifies high-risk third countries which are deemed to have …

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Malta judged ‘fiscally secure’ and removed from FATF greylist

SBC News Malta judged 'fiscally secure' and removed from FATF greylist

Malta has ended its year-long purgatory as a ‘greylist’ financial jurisdiction of the Financial Action Task Force (FATF) the global AML and anti-terrorist financing watchdog of the G7. The Times of Malta outlined that the FATF had made the decision to remove Malta from its list of countries under ‘increased monitoring’ and classified as financially untrustworthy.  According to the Times, …

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Former MGA CTO charged with money laundering and bribery

SBC News Former MGA CTO charged with money laundering and bribery

The Malta Gaming Authority (MGA) has confirmed that its former Chief Technology Officer (CTO) Jason Farrugia and his wife Christine Farrugia have been charged with a range of financial crimes.  These include money laundering, accepting bribes, fraud and trading in influence by abusing his leadership position as CTO of the MGA, according to The Times of Malta.  Additional charges include fraud …

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FATF due to visit Malta to confirm AML action plan

MGA

The Financial Action Task Force (FATF) will visit Malta this Friday, to clarify whether the island’s financial authorities have completed the assigned action plan on AML policies.  Malta had previously been placed on a greylist of financially risky jurisdictions by the FATF – the G7’s AML and anti-terrorist financing investigative unit – after the task force identified a number of …

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FIAU orders new AML commands on Malta business  

SBC News FIAU orders new AML commands on Malta business  

The Malta Gaming Authority (MGA) has warned licensed operators that they are expected to be familiarised with the revised AML Implementing Procedures (IPs) that will be applied by the Financial Intelligence Analysis Unit (FIAU). Last week, the FIAU updated its IPs guidance on AML and compliance duties that are required to be maintained by registered businesses. The revised orders follow …

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Malta gambling sector records growth but economic contribution slips

MGA

The Malta Gaming Authority (MGA) has revealed that the country’s gambling sector has recorded one of its highest growth rates in value added relative to other sectors, but is now making less of a contribution to the island’s economy. As detailed in the MGA’s Annual Report and audited Financial Statements for the financial year ending December 31, 2020,  the country’s …

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FATF greylisting has little impact on Malta ratings

SBC News FATF greylisting has little impact on Malta ratings

The greylisting of Malta by the the Financial Action Task Force (FATF) has had no immediate impact on the island’s ratings or those of its domestic rated banks, according to Fitch Ratings. However, the firm did acknowledge that the greylisting demonstrates structural weaknesses in Malta’s anti-money laundering infrastructure, and the Mediterranean territory will be required to demonstrate progress on a …

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Malta placed on FATF rogue list following litany of AML discrepancies

SBC News Malta placed on FATF rogue list following litany of AML discrepancies

Malta has been placed on a greylist of the Financial Action Task Force (FATF) – the global AML and anti terrorist financing unit of the G7.  The EU member state has previously faced international criticism regarding issues such as the Panama Papers scandal, which saw Maltese government figures implicated in establishing offshore companies encountered little legal action, as well as …

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