Malta

New Documents

Malta announced that Minister for Foreign and European Affairs Evarist Bartolo discussed efforts to strengthen the fight against international financial crime with Minister of State for Foreign Affairs of the United Arab Emirates Anwar Gargash.

The Financial Intelligence Analysis Unit published amended Implementing Procedures – Part II concerning the application of anti-money laundering and counterterrorist financing to the virtual financial assets, pursuant to the Prevention of Money Laundering and Funding of Terrorism Regulations.

News

Enforcement Actions

Malta’s Financial Intelligence Analysis Unit fined an unnamed company service provider €35,000 for poor customer risk assessments.

Malta’s Financial Intelligence Analysis Unit issued a penalty against a notary public, whose name has not been made public, for lacking a documented business risk assessment at the time of an onsite examination.


Important Facts

  • The U.S. State Department labels Malta as a monitored jurisdiction. The country's location between North Africa and Italy makes it a transit point for narcotics and human trafficking to Europe. The major sources of illegal proceeds are trafficking of cocaine, heroin and cannabis resin and economic crimes, such as fraud and misappropriation. Illicit proceeds generated are not large and are primarily linked to domestic offenses. No organized criminal groups have been detected committing money laundering on behalf of others in Malta, and the risk of terrorist financing is low. Contraband smuggling does not appear to be a significant source of illicit proceeds. Foreigners who route their illicit gains to local Maltese bank accounts generate a significant volume of laundered funds.
  • KYC Covered Entities:  Banks, currency exchange offices, and money remittance/transfer services; stockbrokers; insurance companies; real estate agencies; auditors, accountants, notaries, and tax advisors; trust and asset managers, company formation agents, and nominee shareholders; casinos; auctioneers; and dealers in art, precious metals, and stones
  • STR Covered Entities:  Banks, currency exchange offices, and money remittance/transfer services; stockbrokers; insurance companies; real estate agencies; auditors, accountants, notaries, and tax advisors; trust and asset managers, company formation agents, and nominee shareholders; casinos; auctioneers; and dealers in art, precious metals, and stones
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 4 (January – August, 2015); Convictions: 4 (January – August, 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 10 High : 0
Largely Compliant : 21 Substantial : 2
Partially Compliant : 9 Moderate : 6
Non-Compliant : 0 Low : 3

BASEL i

Rank : 53/141
Score : 5.48/10

TRANSPARENCY INTERNATIONAL i

Rank : 50/180
Score : 54/100

Tax Justice Network i

Rank : 18/133
Score : 62/100