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International Initiatives Against Money Laundering and Terrorist Financing
The fight against money laundering (ML) and terrorist financing (TF) has been a global effort, with various international initiatives working together to set standards and foster cooperation among countries. In this article, we will highlight the key points regarding these initiatives.
Financial Action Task Force (FATF)
The FATF is an inter-governmental body formed in 1989 to combat ML/TF. Its series of Recommendations are recognized as the international standard for combating ML/TF.
- Developed a set of standards and best practices to prevent ML/TF
- Fosters international cooperation among countries to combat ML/TF
Moneyval
Moneyval is a body of the Council of Europe tasked with evaluating compliance with the FATF Recommendations. It makes recommendations to member countries on improvements to their Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regimes through peer reviews.
- Evaluates compliance with FATF Recommendations
- Provides recommendations for improvement to AML/CFT regimes
European Union’s Legislative Initiatives
The EU has taken several legislative initiatives to combat ML/TF, including:
- Issuance of anti-money laundering directives (4th and 5th AML Directives)
- Imposes tighter controls on transparency of legal persons and arrangements
- Encourages cooperation among countries in combating ML/TF
Egmont Group of Financial Intelligence Units
The Egmont Group is an informal group established to stimulate international cooperation among financial intelligence units (FIUs). It has grown into a worldwide network bringing together FIUs from over 158 countries.
- Exchanges intelligence and financial information through the Egmont Secure Web
- Shares expertise and best practices in combating ML/TF
Joint Committee of the European Supervisory Authorities (ESAs)
The Joint Committee is an important EU-wide initiative aimed at strengthening cooperation among ESAs in AML/CFT matters. It has established a sub-committee dedicated to AML/CFT.
- Issues technical guidance to assist authorities and subject persons
- Enhances cooperation among ESAs in combating ML/TF
Malta’s Legislation
Malta actively participates in these international bodies and platforms through its respective authorities. The country enacted its first anti-money laundering regime in February 1994, with subsequent updates to strengthen its legal framework against money laundering and terrorist financing.
- Enacted the first anti-money laundering regime in 1994
- Updated its legal framework to combat ML/TF