Financial Crime World

Malta’s National Coordinating Committee Publishes Revised Risk Assessment on Combating Money Laundering and Funding of Terrorism

Introduction

The National Coordinating Committee on combating money laundering and funding of terrorism in Malta has released an updated national risk assessment, highlighting key trends and vulnerabilities in financial crime. This report provides a comprehensive overview of the risks associated with money laundering, terrorist financing, proliferation financing, and targeted financial sanctions.

Key Findings

According to the 2023 National Risk Assessment (NRA), Malta’s exposure to threats and vulnerabilities has decreased across most industries, thanks to enhancements made to mitigating measures. However, certain sectors still register a medium-high residual risk level, including:

  • Financial institutions
  • Designated non-financial businesses and professions
  • Legal persons

Objectives of the National Risk Assessment

The NRA is the result of close collaboration between government authorities, private sector representatives, and other stakeholders. Its primary goal is to provide a common understanding among supervisory bodies, law enforcement agencies, and the private sector on the risks associated with:

  • Money laundering
  • Terrorist financing
  • Proliferation financing
  • Targeted financial sanctions

Recommendations for Subject Persons

In light of the revised assessment, subject persons are advised to review their Business Risk Assessment and update it in accordance with the findings and recommendations presented in the 2023 NRA. Additional guidance is available from Mario Zerafa and Jonathan Camilleri at Ganado Advocates for those seeking clarification on the report’s contents or assistance in updating their risk assessments.

Conclusion

The publication of the revised NRA marks a significant step forward in Malta’s efforts to combat financial crime, demonstrating a commitment to staying ahead of emerging threats and vulnerabilities. This revised assessment will enable stakeholders to better understand the risks associated with money laundering, terrorist financing, proliferation financing, and targeted financial sanctions, ultimately contributing to a safer and more secure financial environment.

Additional Resources