Anticorruption groups send request to MONEYVAL to monitor MFSA practices after EBA report

French and Maltese anti-corruption organisations Sherpa and II-Kenniesa have sent a request to the Committee of Experts on the Evaluation of AntiMoney Laundering Measures and the Financing of Terrorism (MONEYVAL) to monitor the practices of the Malta Financial Services Authority (MFSA) and to take into account the Pilatus Bank case its 5th Round evaluation of Malta.

This follows a damning report published by the European Banking Authority (EBA), which has found “general and systematic shortcomings” in the Financial Intelligence Analysis Unit’s (FIAU) application of antimoney laundering directives with regard to Pilatus Bank.

Sherpa and Kenniesa stressed MONEYVAL’s important role as a leading international partner in the global network of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) evaluation bodies and as an associate member of the Financial Action Task Force (FATF).

In a statement, the groups also noted assassinated journalist Daphne Caruana Galizia had reported heavily on the activities of Pilatus Bank.

MONEYVAL a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards in the fight against money laundering and the financing of terrorism (AML/FT).