Financial crime Malta graylisted for Financial crimes

Status: 06/24/2021 9:40 a.m.

Corruption, money laundering and “golden passports”: the Mediterranean island of Malta has fallen into twilight. An international institution to combat money laundering now wants to monitor the country more closely. The attempts by the Maltese government to avert the decision of the Financial Action Task Force (FATF) were unsuccessful: The international institution for combating money laundering, terrorist financing and the financing of weapons of mass destruction has put Malta on the gray list for financial crimes, according to the Times newspaper of Malta “reported. Inclusion on this list means that the country is under increased surveillance, that it is being monitored more and more. At the same time, the state undertakes to remedy the deficiencies identified in the context of financial crime. Who is the FATF?

The Financial Action Task Force, based in Paris, is an independent international institution that develops and promotes measures to combat money laundering, the financing of terrorism and the financing of weapons of mass destruction. It was founded in 1989 by the G7 countries and currently has 37 members. More than 200 states and jurisdictions have committed to complying with the FATF standards. The FATF is supported by a secretariat affiliated with the Organization for Economic Cooperation and Development (OECD).

Malta pledges cooperation

Prime Minister Robert Abela confirmed the decision and described it as “unjust”. Most of the concerns expressed by the reviewers have already been addressed. Malta wants to continue with its reform program, said Abela. “We will intensify our exchanges to better explain Malta’s achievements and to ensure that they are respected and understood by the international community.” Malta will never show itself to be uncooperative in the fight against financial crime or resist it, he assured the international partners.

Cayman Islands and Syria are also on the gray list

It is not the first time that Malta has fallen into twilight: the country has already been screened for financial crime more intensely because of its “golden passport” program. Like Cyprus, Malta had granted citizenships in return for financial commitments. The EU Commission then initiated infringement proceedings.

With the jump on the gray list of the FATF there is now a further loss of reputation for the country. As of February 2021, the FATF gray list includes countries such as Burkina Faso, the Cayman Islands, Ghana, Mauritius, Panama, Syria, Uganda, Yemen and Zimbabwe.

Germany holds the FATF presidency

Germany took over the presidency of the FATF in July 2020. The term of office of Marcus Pleyer from the Federal Ministry of Finance ends on June 30, 2022.

Marcus Pleyer is currently the President of the FATF. Image: Felix Zahn / photothek.net

Incidentally, the Federal Republic of Germany is currently also being routinely audited by the FATF. In its last evaluation in 2010, the organization came to the conclusion that Germany was susceptible to money laundering and terrorist financing

The European Commission is working on finalizing the digital green pass. This is a passport for people who have been vaccinated against Covid-19 and negative for nCoV. This card allows residents of the European Union and international visitors to travel more easily in the region. According to the AFP , the card can be issued in June. However, from mid-May, many European countries have begun to welcome guests. Each country has its own way of welcoming visitors. Malta The first 38,000 visitors to this country next summer will be given 200 euros per person. Accordingly, visitors must stay a minimum of 3 nights and spend all the money granted. In addition, tourists booking a room on the island of Gozo will receive an additional 20 Euros. Restaurant in Valletta, Malta is open to welcome guests. Photo: Reuters. From June 1, the regulations on distance and restrictions in this country will be lifted. Currently, visitors from all over the world can pre-book their summer vacation in Malta through local hotels to take advantage of the offer. According to data from the World Travel and Tourism Council, the tourism industry accounts for more than 27% of the Maltese economy. From March 2020, the number of international visitors to Malta decreased by 80% because of the impact of the Covid-19 epidemic. France Before the pandemic, France was one of the world’s leading tourist destinations. In 2019, this country welcomed about 90 million visitors. In early May, the government launched a multi-million-euro campaign to attract tourists back this summer. Distance orders and travel restrictions are gradually being lifted nationwide. From May 19, coffee shops in France are allowed to reopen. Shops, museums, and theaters are also open to visitors at this time. People bathing in the sea in Marseilles, France. Photo: AP. In order to avoid a re-epidemic outbreak, the French government will continue to apply regulations, distance and restrict travel if the number of nCoV infections in this country exceeds the milestone of 400 cases / 100,000 people per day. Greek From April, visitors from the European Union, the United States, the United Kingdom, Israel, Serbia and the United Arab Emirates (UAE) do not need to be quarantined for seven days upon arrival in Greece. Currently, the government of this country is promoting a plan to vaccinate people on tourist islands. Greece’s goal is to turn these islands into Covid-free tourist destinations. Private beaches and museums also began to welcome visitors from the beginning of May. On May 21, cinemas will operate with a limited number of screenings to ensure distance. Cruise ships at seaports are also eager to welcome guests back. The Greek government is urgently revitalizing the tourism industry, which accounts for 20% of the country’s GDP. Spain In 2019, Spain welcomed 83.5 million visitors, the second largest in the world after France. The number of tourists visiting the country has dropped by 77% last year, since the global outbreak of Covid-19. From the beginning of May, people in the country are allowed to move outside the living area, the curfew in the Balearic Islands is also being considered to be lifted. Currently, travelers must present a negative test result for nCoV within 72 hours before departure. Each locality in this country has different epidemic prevention regulations. The tourism situation in the city of Palma, Spain is gradually recovering. Photo: DPA. From June 2020, the city of Madrid has opened its doors to tourists in the region. This place quickly became a tourist attraction in Europe amid the pandemic. Tourism typically accounts for 14.1% of Spain’s economic activity. Spain’s tourism minister said the country is expected to welcome 45 million international visitors in 2021. Italy The country plans to introduce the Covid-19 passport in May. The pass is issued to people who have been vaccinated or have tested negative for Covid-19. Tourism Minister Massimo Garavaglia said the pass was issued to visitors from outside the European Union. Currently, cruise operations at seaports in Italy have reopened. Bars and restaurants are allowed to serve guests sitting outdoors. According to data from the World Tourism Organization, the boot-shaped country welcomed about 64.5 million international visitors in 2019.

Thousands of emails and documents from the citizenship and citizenship consulting firm Henley & Partners have revealed an unprecedented “door” on the mechanism of the so-called “golden passport” program, in which countries are semi-national. citizenship for foreign giants. This revelation showed for the first time how some people buy Malta passports through a government investment program, allowing them to pretend they are “residing” in the country for a year by renting an apartment. then leave it blank. Two weeks to own a “golden passport” Officially known as the Individual Investor, this program is designed to attract wealthy investors and enrich the national budget. Eight years ago, Malta announced plans to “sell” passports making the European Union (EU) not satisfied. The EU authorities are concerned that “buyers” can travel freely within the EU and Schengen bloc as well as be able to travel to many countries without applying for a visa in advance. In January 2014, a spokesperson for the European Commission gave a speech contradicting the proposals and stressed that EU members should only provide passports to individuals with “real affiliation”. to their country. After two weeks, the issue was somewhat resolved when the Government of Malta released a joint statement announcing anyone “buying” Maltese citizenship would need to reside in the country for one year, while also demonstrating the authenticity of the relationship with their new home. However, Malta’s golden passport program does not specify “place of residence”. Government officials also eluded when asked about the ratio between those who applied for a 12-month period and those who would actually be present. Malta is a beautiful island nation located in the Mediterranean. Photo: Guardian. The vulnerability has allowed some customers, who pay more than 1 million euros under the program, to successfully confirm that they have an “authentic link” with Malta. What they need to do is just spend a few weeks there and do a few activities over the loudspeaker, such as yacht rental or donation to a local charity. Guardian reviewed 250 open letters clients sent to Henley explaining their intentions to Malta. Internal emails show customers constantly asking if they can spend less time here. In the case of a 2014 Middle East client, the representative even asked their manager if “would go to Malta in about 7-14 days (ie the minimum time period) to take a biometrics. study and register and receive card (residence) ”. “If it is not possible to visit for longer, opening a bank account, donating to local charities and becoming a member of a local club will help demonstrate the bond with the country,” the manager answer. This advice shows that instead of 12 months, it seems just two weeks is enough to get a “golden passport” here. “The applicant does not have to be present in that country,” advised a client. “However, in order to create an ‘authenticity link’, (the Malta government) would appreciate it with at least 14 days’ time.” Out of all 250 letters, the applicant’s average commitment to stay in Malta is 16 days. Two bedrooms for 12 people To demonstrate commitment to a new home, Malta “golden passport” applicants will be required to invest € 1.15 million in the country, including a purchase of at least a real estate. 350,000 euros or a 5-year rental for 80,000 euros. Passport of Malta. Photo: Loving Malta. Some properties are rented significantly smaller than the actual size required by the applicant’s family if they plan to live there. In one case, Chinese citizens even rented a two-bedroom apartment for 1,500 euros / month despite applying for citizenship for 12 people, including 6 children. A Maltese citizenship-seeking South African businessman refused to pay Henley an apartment management fee on the grounds that no one would visit it. “The apartment is not used, no one will be there in a year,” he complained in a letter to the company. Malta’s immigration regulatory loopholes have the potential to have serious consequences such as security risks, money laundering, tax evasion, corruption and the risk of escaping water criminals. outside of residence, traveling freely within the EU territory. The European Union Commission recently accused Malta of “selling” citizenship, allowing individuals with little or no connection to the EU. However, the Malta government denied any allegations that the country’s residency requirement was “fake”. It argued that “authentic links” are not defined in EU law and the government of Malta “sets the rules as well as makes the final decision on all citizenship applications”.

Malta is famous for its beautiful beaches and unique architecture

Malta’s Tourism Minister, Mr. Clayton Bartolo recently announced plans to stimulate demand for foreign tourists, after restrictions due to the Covid-19 pandemic were removed in the country starting on 1-6. From now on tourists from all over the world can book their summer vacation directly through local hotels to receive the aforementioned discounted amount.

Accordingly, tourists who book a vacation at a 5-star hotel will receive 100 euros from the Malta Tourism Authority support program, after receiving confirmation from the hotel, tourists will receive more the amount is 200 euros. For those who choose 4-star hotels, they will receive a total amount of 150 euros, and 100 euros for 3-star hotels. In addition, any tourist booking on the island of Gozo will receive an additional 10% of the accommodation rate.

“The plan is to put Malta’s hotels in a very competitive position compared to other locations when international tourism is restarted,” said Minister Bartolo. The government’s tourism stimulus plan worth up to 3.5 million euros is expected to attract about 35,000 foreign tourists to Malta this summer.

The islands of Malta are always ideal destinations for tourists

World Travel and Tourism Council data shows that tourism now accounts for more than 27% of Malta’s economy, but the number of foreign visitors to the country has decreased by more than 80% since the pandemic. Covid-19 began to break out in Europe in March 2020. To get ready for the reopening of international tourists, Malta has also actively implemented the Covid-19 vaccine vaccination.

The Swedish Football Federation is aware of this problem three years ago. That is why the 39-year-old striker was not summoned to the national team in the 2018 World Cup. Ibrahimovic announced his retirement from international football, but just returned to Sweden in March.

Ibrahimovic is at risk of retiring if he is banned from playing long term. Photo: Reuters.

The World Football Federation (FIFA) and the European Football Federation (UEFA) are investigating this incident. Neither of these agencies allow any player who is playing football to be involved in betting. According to the Daily Mail, Ibrahimovic could face a three-year ban.

Aftonbladet It was also revealed that the AC Milan striker ‘s company is the fourth largest co-owner. According to its annual report, in 2019, this betting unit has earned an after-tax profit of up to £ 25.79 million.

In 2018, at the launch ceremony, as a co-owner and brand ambassador, Ibrahimovic said: “Throughout my career, I have been highly sought after by betting companies, but never before. accepted so far. This is a company with Swedish origin. The founders are my countrymen. They really want to make a difference. ”

The Swedish striker will turn 40 in October. That means if he is banned from playing for 3 years, the player is likely to retire. This season, Ibrahimovic played sublimation with 15 goals after 17 matches in Serie A for AC Milan. The San Siro team is also planning to extend his contract for another year.

Ibrahimovic was sent off Offensive words to the referee are believed to have caused Zlatan Ibrahimovic to be disqualified in Milan’s 3-1 win over home side Parma in the 30th round of Serie A.