Brussels Casts Doubts on Sufficiency of Malta’s Anti-Money Laundering Measures

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The European Commission this week cast doubts on the sufficiency of Malta’s measures to combat money-laundering – an issue that has thrust the country into the limelight with various European Union institutions on account of suspicions over the Individual Investor Programme, the country’s teeming trust and fiduciary system, the remote gaming sector and the leaked draft Financial Intelligence Analysis Unit reports which are now the subject of a number of magisterial inquiries.

Although the government had adopted the EU’s Fourth Anti-Money Laundering Directive at the 11th hour last December, apparently under no small degree of duress, the EC’s European Semester Winter Package, which reviews member states’ progress on economic and social priorities, appears to cast the measures adopted by Malta into doubt.

The Commission’s staff working document makes it clear that matters do not end with Malta’s “notification of a complete transposition of the Anti-Money Laundering Directive” in December 2017.

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