EC requests Maltese authorities to increase supervision on banks in Malta
The European Commission requested the Maltese authorities to increase their supervision on banks in Malta. In a statement, the Commission said it adopted an opinion so that the Financial Intelligence Analysis Unit, FIAU, continues with implementing additional measures to ensure that Malta fully adheres to European directives against money laundering and terrorism financing, including sanctioning actions where needed.
EC vice-president, Franz Timmermans, and Commissioner Věra Jourová stressed that the EU is determined to fight money laundering and will continue with measures against countries who do not implement its directives. The Commission also requested the European Banking Authority to investigate the competent authorities in Latvia, Denmark and Estonia where serious cases of money laundering emerged recently.
In a statement, FIAU said that it welcomes the fact that the Commission recognised the steps it took and noted the progress made. This followed last summer’s warning by the European Banking Authority to FIAU on its supervision of Pilatus Bank. FIAU has 10 days to inform the Commission and EBA on the measures it took and those planned to implement its obligations in the fight against money laundering.
FIAU director, Kenneth Farrugia, said that the agency is fully committed to ensure that the financial services are protected from ever increasing threats of money laundering. He added that FIAU took measures and made reforms in the supervision process even with the use of human and technical resources so that its work is more effective. Mr Farrugia stated that the agency will continue to work closely with the European Commission to address new challenges that Malta and all other EU states are facing.