Malta gets a praise for anti-money laundering set-up

Malta has been praised for its anti-money laundering set-up, however, a Council of Europe committee has called for the allocation of greater resources to the Financial Intelligence Analyses Unit (FIAU).

November 28, 2007, MONEYVAL, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures, issued a report that analyses the implementation of international and European standards to fight money laundering and terrorist financing.

The evaluation report issued by MONEYVAL assesses levels of compliance with international regulations (FATF recommendations). Â

The main findings of the report are as follows:

– in 2005, Malta extended the money laundering criminal provision under the Prevention of Money Laundering Act to any criminal offence, and included terrorist financing there, so all the designated offences of the FATF Recommendations are covered;

– the Prevention of Money Laundering Regulations supplementing the anti-money laundering act did not require reporting of suspicious transactions connected with the financing of terrorism;

– despite the fact that the legal basis to prosecute money laundering is quite obvious, no final money laundering convictions had been secured since the 2nd evaluation;

– no prosecutions or investigations of the funding of terrorist activities have taken place yet;

– the FIAU was established under the Ministry of Finance in 2001, it became fully operational in 2002;

– the authorities of Malta have worked to bring together the competent authorities in Malta anti-money laundering framework;

– the Maltese authorities are expected to review and adopt a clearer legal framework regarding charities and Non Profit Organisations (NPOs).

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