Maltese party funding and campaign finance were only loosely regulated and lacked transparency until 2011, when highly critical observations made by international organisations triggered a major reform. This article gives the first scholarly overview, and assessment, of the reform and its consequences. Parties had to submit their first financial reports under the new rules for the year 2016. In June 2017, the first elections under the new legislation took place. The article shows that Malta still does not meet several international commitments and standards, arguing that high voter turnout, lack of public party funding, hidden private donations, wealthy political parties, and lack of interest in increasing the transparency are closely linked. In addition to numerous legal and political documents, this article is based on over forty interviews carried out with politicians, public officials, journalists, academics, international organisations, and voters.