25 Mar 2020
Malta’s Financial Intelligence Analysis Unit (FIAU) has reported a 157% increase in suspicious transaction reports (STRs) in 2019 from 2017, with 2,778 STRs received.
The anti-money laundering unit also reported an unprecedented increase in the number of requests for information received from other domestic authorities especially supervisory authorities.
FIAU is also sharing information with other countries as part of global efforts to tackle financial crime. The Financial Intelligence Analysis Unit shared 1,549 so-called spontaneous reports in 2019, an increase compared with 749 in 2018 and 277 in 2017. Up until the end of February 2020, the FIAU has already shared 664 spontaneous reports with its counterparts.
“Money laundering and the finance of terrorism are serious threats to Europe’s – indeed the entire world’s financial system and we all have a vital role to play in fighting this twin scourge,” Malta’s finance minister Edward Scicluna said.
This follows a report where the Council of Europe’s anti-money laundering body Moneyval called on the Maltese authorities to strengthen their practical application of their measures to combat money laundering and financing of terrorism.
“Malta is committed to implementing in full the recommendations from international institutions such as Moneyval, the Venice Commission and others,” Scicluna added.
By Pedro Gonçalves, International Investment, 23 March 2020
Read more at International Investment
RiskScreen: Eliminating Financial Crime with Smart Technology
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet