The Institute of Financial Services Providers (IFSP) welcomes the news that the FATF Plenary Meeting in Berlin voted to remove Malta from the list of jurisdictions subject to increased monitoring. Malta spent just under a year on the Greylist.
Leaving the greylist means that businesses in Malta can now look forward to smoother relationships with both customers and suppliers, without the shadow of doubt about the jurisdiction impinging on their business. Malta’s financial services practitioners can again focus on enhancing the country’s reputation but conducting international business professionally, ethically and with integrity, thereby revitalising the sector.
What Wednesday’s secret vote at the FATF Plenary Meeting shows is that Malta has been seen to have noted the shortcomings pointed out almost a year ago, and to have taken the actions needed to put those shortcomings right. Indeed, the efforts put into clearly rectifying shortcomings has been extensive.
This is now the time to look forward. Exiting the greylist is but the first, albeit necessary step. Malta’s practitioners and authorities now need to ensure Malta remains an attractive place to do business. The authorities’ focus needs to shift from proving the jurisdiction to effectively managing the regulatory regime developed, making it proportionate and responsive to the diversity of economic operators offering service from Malta while simplifying the necessary bureaucratic arrangements where possible.
The IFSP and indeed the private sector as a whole is ready to work alongside the authorities to revitalise the financial services sector, and indeed the economy. Done right, a bright future awaits the country.
