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Malta's financial intelligence unit is expanding its personnel and IT capabilities and has overhauled its enforcement procedures as it seeks to restore its credibility amid international criticism, senior officials told ACAMS moneylaundering.com. In November, the European Union took the unprecedented step of directly ordering the island's Financial Intelligence and Analysis Unit, or FIAU, which also has a supervisory role, to react more rapidly and decisively to anti-money laundering violations, adjust its policies for assessing penalties and adopt a risk-based approach to supervision. EU officials concluded the FIAU had failed to adequately supervise Pilatus Bank, a private lender that had its...