Financial Crime World

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Malta Scores High in Money Laundering Detection, but Room for Improvement Remains

Malta has been found to be largely compliant with international standards for preventing money laundering and terrorist financing, according to a recent evaluation by the Financial Action Task Force (FATF). The country received high ratings across various areas, including assessing risk, national cooperation, and customer due diligence.

Evaluation Highlights Strengths

The evaluation, conducted in 2019, assessed Malta’s implementation of the FATF Recommendations, which aim to prevent money laundering and terrorist financing. Malta scored highly in several areas, including:

  • Laws and regulations related to money laundering
  • Ability to cooperate with other countries in combating financial crime

Areas for Improvement

However, the report also identified some areas where Malta needs to improve, including:

  • Regulation and supervision of financial institutions and designated non-financial businesses and professions (DNFBPs)
  • Strengthening oversight and enforcement mechanisms

Strengths in Anti-Money Laundering Regime

The report highlighted several strengths in Malta’s anti-money laundering regime, including:

  • Robust customer due diligence requirements
  • Ability to identify and mitigate high-risk transactions
  • Effective financial intelligence unit that analyzes suspicious transaction reports and provides timely feedback to financial institutions

Recommendations for Improvement

Despite these strengths, the evaluation noted that Malta needs to improve its:

  • Transparency and beneficial ownership requirements for legal persons and arrangements
  • Powers of supervisors and law enforcement authorities
  • Ability to share information with other countries

Government Commitment to Address Recommendations

Malta’s government has committed to addressing the recommendations outlined in the report, and officials are working to strengthen the country’s anti-money laundering regime. The evaluation is a valuable tool for identifying areas for improvement and ensuring that Malta remains a leader in combating financial crime.

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