Financial Crime World

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Malta Takes Steps to Combat Fiscal Offences

Valletta, Malta - The Maltese government has made significant progress in consolidating its legal framework and preventive regime against money laundering, according to a recent report by international examiners.

Key Changes Made

The report highlights several key changes made since the first round of inspections, including:

  • Abolition of bearer accounts
  • Introduction of directives for banks, stockbrokers, and other financial institutions to disclose beneficial ownership

Phasing Out Offshore Sector

Malta has also continued to phase out its offshore sector, with around 300 remaining offshore companies as of the time of the report. The examiners welcomed the setting up of a single financial regulator, the Malta Financial Services Authority (MFSA), which will license and supervise all activities related to financial services in Malta.

Areas Requiring Further Attention

The report notes that while money laundering has been an area of attention for all supervisors, certain sectors still require further attention, including:

  • Investment services
  • Securities market

The examiners also recommended further clarification on customer identification procedures and increased supervisory vigilance when inspecting supervised entities.

Reporting Suspicious Transactions

In terms of reporting suspicious transactions, the report notes a modest increase since 1999, but recommends that the Financial Intelligence Analysis Unit (FIAU) keep under-reporting sectors under close scrutiny and apply measures to trigger better reporting behaviour if necessary.

Conclusion and Recommendations

The examiners concluded that Malta has made substantial progress in consolidating its legal framework and preventive regime against money laundering, with a robust criminal legislation and a well-regulated financial sector. However, they noted that certain sectors still need to be brought under the remit of anti-money laundering regulations and that the police and judiciary require training to understand the challenges posed by money laundering investigations and prosecutions.

The report recommends that Malta continue to implement its recommendations to improve results in combating fiscal offences.

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