IMF Staff Country Reports

Malta : Financial Sector Assessment Program-Technical Note-Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

November 21, 2019

Electronic Access:

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Summary:

This technical note (TN) sets out the findings and recommendations of the Financial Sector Assessment Program (FSAP) for the Republic of Malta in the areas of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). It summarizes the findings of a targeted review of several aspects of Malta’s progress in addressing AML/CFT vulnerabilities in the financial sector, specifically the banking sector. A full assessment of the AML/CFT framework against the current Financial Action Task Force (FATF) standard was conducted by MONEYVAL in 2018, and the mutual evaluation report was published in July 2019. 2,3 Although significant steps have been taken to strengthen the AML/CFT regime since the March 2012 fourth round MONEYVAL mutual evaluation report to bring the AML/CFT framework into line with the 2012 FATF standard and improve its effectiveness, overall effectiveness is still lacking. The authorities developed an ambitious national strategy and action plan for prioritizing AML/CFT policies and activities, but it is still in its initial phase of implementation.

Series:

Country Report No. 19/345

Subject:

Accounting Anti-money laundering Arbitrage Assets Bank compliance Bank licensing Bank supervision Banking Banking sector Banks Combating the financing of terrorism Corruption Credit Demand Development Economic sectors European Union Expectations Financial analysis Financial assistance Financial data Financial institutions Financial sector Financial sector oversight Financial services Fraud Gross domestic product Human capital Industry Interconnectedness Interest International cooperation International trade Investment Investment policy Legislation Liabilities Money laundering Need requirement Open economies Policy instruments Poverty Private sector Products Provisioning Real sector Risk management Services Stocks Tax evasion Taxation Taxes Terrorism Terrorism finance Transparency