MALTA GETS ANOTHER DOWNGRADE AT CRUCIAL JUNCTURE FOR FINANCIAL SERVICES INDUSTRY

The Shift on 5 September reported that Malta’s financial services industry and its international ranking has suffered another blow as the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes has downgraded the island’s standing to “partially compliant” in a second peer review.  It says that this comes at a bad time for the country, which is fighting the possibility of a grey listing by MONEYVAL over its systematic failure to monitor and uphold AML rules, as well as prohibitions against the financing of terrorism.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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