The Financial Action Task Force (FATF) puts Malta on its grey list for ongoing sloppy anti-money-laundering procedures and other shortcomings. FATF is the global money laundering and terrorist financing watchdog (found on FATF’s website). As a inter-governmental body, FATF sets international standards to prevent “dirty business” and 200 countries and jurisdictions are committed to implement these FATF recommendations. This – for Malta unexpected step – will lead to increased observations of the small island and company owners living in the EU will surely face higher compliance and scrutiny of tax offices at home.
FATF made its move after years of international criticism of Maltese policymaking, including the sale of national passports (Golden Passports), as well as a lack of legal action against government officials who were mentioned in the Panama Papers as having set up secret offshore companies.
If you run a Maltese company, speak to us to find out more, making sure you are compliant.