MONEYVAL – Malta should step up its efforts to investigate and prosecute money laundering as well as to strengthen its supervisory system
In a report published today, the Council of Europe’s anti-money laundering body MONEYVAL calls on the Maltese authorities to strengthen their practical application of their measures to combat money laundering and financing of terrorism.
The report makes a comprehensive assessment of the effectiveness of Malta’s anti money laundering and countering the financing of terrorism system and its level of compliance with the Recommendations by the Financial Action Task Force (FATF).
MONEYVAL acknowledges that the authorities have demonstrated a broad understanding of the vulnerabilities within the system, but a number of important factors – notably predicate offences, financing of terrorism, legal persons and arrangements, the development of new technologies and the use of cash – appear to be insufficiently analysed or understood.
Click here to read more