Malta launches its first national anti-money laundering strategy

VALLETTA, April 11 (Xinhua) -- Maltese Finance Minister Edward Scicluna on Wednesday has presented the country's first-ever anti-money laundering and terrorist financing (AML/CFT) strategy, saying the Maltese government intended to "take all necessary action against financial crimes".

Malta transposed the fourth EU anti-money laundering directive earlier this year, having missed the target date of June 26, 2017.

Addressing a press briefing, Scicluna underlined Malta's commitment to preventing, detecting and prosecuting this type of criminal activity, but said that there was room for further strengthening of Malta's current national AML/CFT framework.

The strategy highlights seven initiatives, broken down into approximately 50 actions, which will be implemented over the next three years.

Primary among these would be the establishing of a national coordination mechanism, followed by work to strengthen and clarify the supervisory framework.

Other initiatives were also announced such as enhancing the internal capabilities of the financial intelligence unit and Malta's investigation and prosecution capabilities.

An asset recovery unit will also be established, Scicluna said.

The minister announced that the government had already started implementing the strategy with the establishment of a National Coordination Committee, which will become fully operational this week.

The strategy builds on a National Risk Assessment (NRA) and a gap assessment of Malta's current AML/CFT framework. The idea is that it will serve to establish a national coordination mechanism, enhance the internal capabilities of the Financial Intelligence Unit, enhance Malta's investigation and prosecution capabilities and increase transparency whilst building on existing international cooperation.

These initiatives will be completed by the end of 2020, said the minister. Enditem