New anti-money laundering and terrorism financing strategy launched

An institutional framework has been set up to supervise, gather intelligence on, and take all necessary action against financial crimes, Finance Minister Edward Scicluna announced today.

The National Anti-Money Laundering and Combating the Financing of Terrorism strategy and plan was launched this afternoon at the Archaeology Museum in Valletta.

“Malta is deeply committed to preventing, detecting, and prosecuting money laundering and terrorist financing activities,” he said. “And we recognise that our National Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework can be further strengthened to be more effective.”

Scicluna said that a National Risk Assessment (NRA) was conducted through a collaborative process involving all key stakeholders and using the World Bank National Money Laundering (ML) and Terrorism Financing (TF) Risk Assessment Tool with the involvement of a reputable international consulting firm.

The strategy highlights seven initiatives, broken down into approximately 50 actions, to be implemented over the next three years. Malta has already started implementation with the establishment of a National Coordination Committee, with its own permanent secretariat.

Scicluna said that the strategy’s seven key initiatives will establish a national coordination mechanism, strengthen and clarify the supervisory framework, enhance internal capabilities of the financial intelligence unit, enhance investigation and prosecution capabilities, establish an effective asset recovery unit, increase transparency of legal entities and arrangements, and build on the existing international co-operation setup.

“The competent authorities are well prepared and ready to start implementing the action plan immediately,” Scicluna said. “We are determined to see the strategic initiatives are carried out by 2020 so that Malta remains a safe country and maintains the stability and integrity of its economy.”