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Malta’s Financial Intelligence Unit Combats Money Laundering and Terrorism Funding

Malta’s Financial Intelligence Unit (FIU) plays a crucial role in protecting the country’s financial system and community from serious crime. In this article, we will delve into the agency’s mission, objectives, and initiatives to combat money laundering and terrorism funding.

Mission and Objectives

The FIU’s primary objective is to protect Malta’s financial system and community by generating and disseminating intelligence on potential illicit activities. By collaborating with private and public sector partners, the agency aims to implement preventative measures that prevent money laundering and the funding of terrorism.

According to official statements, the FIU’s mission is centered around:

• Combating money laundering
• Preventing the funding of terrorism
• Maintaining a secure financial environment that supports economic growth

Effective Communication with Subject Persons

The FIU has emphasized the importance of effective communication with subject persons, highlighting the need for best practices when submitting representations to the agency. To support this, the agency is set to release an upcoming guidance document on June 19, 2024, which will provide insights into optimizing subject persons’ representations.

Staying Informed

To stay up-to-date with the latest developments and updates from the FIU, readers can subscribe to the agency’s newsletter. By doing so, they will have access to timely information on important topics such as:

• Anti-money laundering measures
• Regulatory requirements
• Industry best practices