Malta was removed from the Financial Action Task Force's (FATF) "grey list" this week, one year after the global watchdog placed it on the list alongside a slew of rogue countries.
The FATF voted in secret, and the formal decision will not be made public until Friday afternoon, at the end of the plenary meeting.
At around 5 p.m. last night, a high-level plenary vote in Berlin gave Malta's financial regime the green light (Wed).
The country was subjected to increased scrutiny by international assessors and bodies in addition to being placed on the grey list.
Malta was removed from the list four months after the FATF announced preliminary indications that the country had substantially completed the necessary reforms and appeared to have addressed the identified flaws.
The country was told to change its tax evasion and beneficial ownership systems, as well as how it shares information with local and international authorities.
Malta's Prime Minister, Robert Abela, said he would follow the FATF's confidentiality rules and make a statement after the plenary meeting on Friday.
He emphasized in his remarks that Malta remained committed to the reforms discussed with the FATF in order to maintain its status as a severe financial jurisdiction.
According to the Times of Malta, the FATF voted on Wednesday among 37 jurisdictions and two regional organizations that are members – the European Commission and the Gulf Cooperation Council.
The draft resolution was prepared by expert evaluators and discussed at a secret meeting earlier this year.
FATF will not completely exempt Malta from international scrutiny, even after the formal announcement on Friday.
By fLEXI tEAM