Hillman, who is wanted by the Maltese police on charges of money laundering and corruption, is the subject of an extradition request from the UK where he currently lives.
The prospect that the Financial Action Task Force may not greylist Malta following progress made in local efforts to curb money laundering is the best piece of good news that the country is likely to have this year.
For years, Malta was perceived to disregard anti-financial crime regulations defined by the FATF, the intergovernmental body that sets global anti-money laundering standards.
Sufficient progress may now have been achieved in strengthening the anti-money laundering process to avoid Malta’s greylisting.
The tangled web spun by some rogue politicians and their business cronies has led to money laundering, corruption, state capture, the plundering of taxpayers’ money and has even resulted in the assassination of a journalist.
Electrogas director and investor Paul Apap Bologna is the owner of a secret United Arab Emirates company identical to 17 Black, Times of Malta ca
Regulators have just endured a tough week of questioning by an international anti-money laundering watchdog but are “cautiously optimistic” the country will avoid being put on a list of untrustworthy jurisdictions.
Assessors from the Financial Action Task Force (FATF) were here over the past few days to hold a series of meetings with law enforcement and regulatory entities involved in the island’s fight against financial crime.
The police, the Financial Intelligence Analysis Unit (FIAU) and the Malta Financial Services Authority (MFSA) were among those interviewed by assessors.
The FATF will make the final decision if Malta is put on a so-called ‘grey list’, which could have far-reaching consequences for the country’s economy.
Beyond Moneyval, vigilance must remain strong
Passing the Moneyval test, which still requires the final stamp of the Financial Action Task Force, is not the end of the road
5 May 2021, 7:39am
News that Malta has passed its Moneyval test allows the financial services industry and business operators to breathe a sigh of relief.
Failure to comply could have seen the country enter the money laundering grey list and that would have spelt serious trouble.
Malta has had a rough ride over the past five years not least because its anti-money laundering structures were found wanting at a time when the financial services sector and the gaming industry grew exponentially.