Malta’s Financial Intelligence Analysis Unit Releases Annual Report Highlighting Rise in Suspicious Transaction Reports
Introduction
The Financial Intelligence Analysis Unit (FIAU) has released its annual report for 2023, revealing a significant increase in suspicious transaction reports (STRs). This article provides an overview of the report’s key findings and highlights the FIAU’s efforts to combat financial crime.
Rise in Suspicious Transaction Reports
According to the report, the number of STRs received by the FIAU increased by 5% compared to 2022. A total of 9,157 reports were received, up from 8,740 in the previous year. This rise is attributed to various training programs and support provided by the FIAU to subject persons across most sectors.
Leading Reporting Sector
The Remote Gaming Sector remains the leading reporting sector, with the highest number of STRs reported compared to other sectors.
Improved Response Rates
Response rates to the annual Risk Evaluation Questionnaire (REQ) improved to an average of 99% across both financial and non-financial sectors. Most sectors achieved a 100% response rate, providing crucial information for the FIAU’s risk-based approach to supervision.
Regulatory Compliance and Intelligence Sharing
The report highlights the FIAU’s commitment to maintaining high standards of regulatory compliance and sharing vital intelligence with law enforcement authorities both in Malta and internationally. The unit has developed robust collaborations with domestic and international stakeholders, including regulatory authorities, law enforcement agencies, and financial institutions, to combat financial crime effectively.
Enhancing Local and International Engagement
The FIAU has focused on enhancing local and international engagement through a range of initiatives, including:
- Training sessions
- Conferences
- Public-Private Partnerships (PPPs)
- Participation in international forums
In 2023, the unit held no less than 18 formal PPP initiatives.
Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT)
The FIAU is committed to being a key enabler of AML and CFT through training and education. Staff from across the Unit participated in over 70 training initiatives, engaging with over 3,500 participants.
Annual Report Highlights
The Annual Report presents a focus on the FIAU Strategy 2023-2026, highlighting key achievements and areas where work is ongoing. The report also highlights recent developments, including:
- The organisation of two international events
- The launch of the new website
Conclusion
Alfred Zammit, Director of the FIAU, expressed satisfaction in the achievements highlighted in the report, stating that the FIAU’s Annual Report 2023 speaks clearly of their steadfast commitment to protecting Malta as a jurisdiction, its economy, society, and individuals. The report is now available for download on the official FIAU website.