Current Affairs
UPDATED: FIAU and MFSA respond to Moneyval Report

The day after the publication of the Moneyval report, the FIAU declared in a statement that 90% of recommendations made in the report have already been implemented as part of the plan of action agreed with the European Banking Union. The FIAU added that these recommendations had been implemented by March, after the visit to Malta by the Moneyval mission.

In its statement, the FIAU declared that the Moneyval Report correctly noted its operations in investigation about money laundering suspicions, including supervision and cooperation with international entities.

The FIAU stated that the report confirmed its officials had carried out their functions objectively and without interference. The anti-money laundering agency further stated that the recommendations in the Moneyval Report fit in with its priorities and have already been noted, both by Moneyval itself and also within the European Commission.

FIAU Director Kenneth Farrugia welcomed Moneyval’s evaluation of the agency’s operations, and stated that whilst appreciating the positive comments, he promised the FIAU will continue working with international entities to strengthen the fight against money laundering.

In conclusion, the FIAU declared its commitment to continue implementing the recommendations.

The Financial Services Authority, MFSA, has also issued a detailed statement explaining steps it has taken to rectify the shortcomings mentioned in the Moneyval Report including the strengthening of human resource and further including the hire of expatriate experts in the supervisory field of financial institutions with an emphasis on the prevention of criminal financial transactions.

Also see:

Government says it is determined to act against money laundering-related activities

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