Government & Politics
Malta noted for anti-money laundering stand
By MaltaMedia News
Nov 28, 2007 - 12:26:11 PM

The Council of Europe's MONEYVAL Committee (Committee of Experts on the Evaluation of Anti-Money Laundering Measures) gave a positive assessment on Malta but suggested Maltese authorities should review and if necessary adopt a clearer legal framework.

The its third Round Evaluation report on Malta says extended in 2005 the money laundering criminal provision under the Prevention of Money Laundering Act to any criminal offence, including the offence of terrorist financing. All the designated categories of offences under the Glossary to the FATF Recommendations are covered.  

However unfortunately no final money laundering convictions had been secured since the second evaluation, although the legal basis to prosecute money laundering is quite sound.

The report notes the Financial Intelligence Analyses Unit (FIAU) was established as an agency under the Ministry of Finance in 2001 and became fully operational in 2002;

The Maltese authorities have undertaken commendable work in bringing together the competent authorities in Malta anti-money laundering framework. The evaluators, however, urged the Maltese authorities to allocate more human resources to the FIAU in order to carry out its tasks as main anti-money laundering policy co-ordination body more effectively;

Malta was the 9th country evaluated under the 3rd evaluation round. The report was adopted at MONEYVAL's 24th plenary meeting (Strasbourg, 10-14 September 2007). MONEYVAL will follow-up implementation of the recommendations through its progress report procedure, under which all MONEYVAL countries are required to update the Committee on action taken on the mutual evaluation report one year after its adoption.