National Anti-Money Laundering and Combating the Financing of Terrorism strategy and plan launched

“Malta is deeply committed to preventing, detecting and prosecuting money laundering and terrorist financing activities. We have therefore put in place an institutional framework to supervise, gather intelligence on, and take all necessary action against financial crimes,” stated Minister for Finance Prof. Edward Scicluna while launching the National AntiMoney Laundering and Combating the Financing of Terrorism strategy and plan at the Archaeology Museum in Valletta.

Minister Scicluna added that we recognise that our National Anti- Money Laundering and Combating the Financing of Terrorism framework can be further strengthened to be more effective.

The minister added that the Maltese authorities conducted the National Risk Assessment through a collaborative process involving all key stakeholders and using the World Bank National Money Laundering and Terrorism Financing Risk Assessment Tool with the involvement of a reputable international consulting firm.

Minister Scicluna explained that the strategy highlights seven initiatives, broken down into approx- imately 50 actions, to be implemented over the next three years. He said that Malta has already started implementation with the establishment of a National Coordination Committee, with its own permanent secretariat.

Minister Scicluna stated that the strategy comprises seven key initiatives namely (i) establish a national coordination mechanism, (ii) strengthen and clarify the supervisory framework, (iii) enhance internal capabilities of the financial intelligence unit, (iv) enhance investigation and prosecution capabilities, (v) establish an effective asset recovery unit, (vi) increase transparency of legal entities and arrangements and (vii) build on the existing international co-operation setup.

He added that these initiatives will strengthen each of the pillars of Malta’s approach to fighting money laundering and terrorism financing.

“The competent authorities are well prepared and ready to start implementing the action plan immediately. We are determined to see that the strategic initiatives are carried out by 2020 so that Malta remains a safe country and maintains the stability and integrity of its economy,” concluded Minister Scicluna.