Kenneth Farrugia, Director of Malta’s Financial Intelligence Analysis Unit (FIAU), praised the agency’s employees after it was announced that Malta was removed from the Financial Action Task Force’s (FATF) grey list.

Malta was voted off of said list on 15th June by members of the FATF.

Kenneth Farrugia / FIAU

The country had spent around a year on the grey list after it was deemed to have ‘strategic weaknesses in its anti-money laundering and terrorism financing framework.’

“To begin with, I would like to take this opportunity to thank the FIAU team for working around the clock in the last few years, especially in the last 12 months, to make the impossible possible,” Mr Farrugia said.

“Their expertise, dedication, and resilience is second to none,” he added.

Following its grey listing, the Maltese government was required to present the FATF a plan on how it will address its anti-money laundering shortcomings. The country’s efforts were not in vain, as just last October the FATF’s president commended Malta’s ‘good progress’ in implementing its action plan.

“I would like to express my appreciation to the AML/CFT National Coordinating Committee and all National and Foreign Authorities for their continuous support and understanding,” Mr Farrugia said.

“Finally, thanks to our mentor Yehuda Shaffer for his guidance and stewardship throughout the whole process,” he concluded.

Mr Farrugia boasts a wealth of experience in the financial sector, having served as Director General within the Government of Malta’s Internal Audit and Investigations Department before joining the FIAU.

The Director also holds extensive experience in EU funds audit, internal audit, risk management, financial investigations, and OLAF anti-fraud co-ordinating services related matters.

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