Financial Crime World

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Money Laundering: Malta Faces Calls for Better Beneficial Ownership Transparency

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Malta, a small island nation in the European Union, has been under scrutiny for its efforts to combat money laundering. Last week, a high-level stakeholder exchange was held in Malta to discuss the country’s beneficial ownership transparency framework.

The Event

The event, hosted by the Daphne Caruana Galizia Foundation and Transparency International, brought together key players from regulatory authorities, financial services, media, and civil society. The discussion centered around Malta’s current beneficial ownership transparency system, including access to data for media and the challenges faced in specific sectors such as gaming and shipping.

Key Issues Examined

  • Risks associated with Malta’s current beneficial ownership transparency framework
  • Technical and financial hurdles in implementing a fully transparent registry
  • Challenges faced in specific sectors such as gaming and shipping
  • Access to data for media

Recommendations and Action Points

Participants shared their experiences with the Beneficial Ownership Registry, recommending actions to improve it. Some attendees pointed out technical and financial hurdles in implementing a fully transparent registry, while others called on authorities to prioritize public interests over minimum regulatory requirements.

Key Recommendations

  • Improve access to beneficial ownership data for media and civil society organizations
  • Enhance transparency in specific sectors such as gaming and shipping
  • Address technical and financial hurdles in implementing a fully transparent registry

The CSABOT Project

The exchange is part of the Civil Society Advancing Beneficial Ownership Transparency (CSABOT) project, which aims to enhance transparency in Malta’s beneficial ownership regime. The project is funded by the European Union and involves key partners such as Government Transparency Institute, Tax Justice Network, and Transcrime - Università Cattolica del Sacro Cuore.

Conclusion

The stakeholder exchange is seen as a crucial step in promoting transparency and accountability in Malta’s financial sector. A report on the discussions and action points from the event will be presented to Transparency International and the European Commission, highlighting Malta’s efforts to address money laundering concerns.