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What is AML in Malta?

Malta has recently undergone a Mutual Evaluation by the Financial Action Task Force (FATF) to assess its level of compliance with international anti-money laundering (AML) and counter-terrorism financing (CFT) standards. The evaluation aimed to determine whether Malta has implemented the necessary technical requirements to prevent the misuse of its financial system.

Key Findings

The report reveals that Malta is largely compliant (LC) in several areas, including:

• Assessing risk and applying a risk-based approach (R.1)
• National cooperation and coordination (R.2)
• Confiscation and provisional measures (R.4)

Malta also received high marks for its laws and regulations related to:

• Terrorist financing (R.5)
• Targeted financial sanctions (R.6 and R.7)

Areas for Improvement

However, Malta has some room for improvement in other areas, including:

• Non-profit organisations (R.8) - partially compliant (PC)
• Correspondent banking (R.13) - partially compliant (PC)
• Transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25) - partially compliant (PC)

Additionally, Malta was deemed non-compliant (NC) in a few areas, including:

• Financial institution secrecy laws (R.9)
• Cash couriers (R.32)

Strengths and Weaknesses

The report highlights several strengths of Malta’s AML/CFT regime, including:

• Robust legal framework
• Effective supervisory authorities
• Strong cooperation with international partners

However, it also notes that there are some gaps in the country’s implementation of AML/CFT measures, which need to be addressed.

Conclusion

Overall, the Mutual Evaluation provides valuable insights into Malta’s AML/CFT regime and highlights areas where improvements can be made to strengthen its financial system and prevent illicit activities.