Malta's financial intelligence unit is expanding its personnel and IT capabilities and has overhauled its enforcement procedures as it seeks to restore its credibility amid international criticism, senior officials told ACAMS moneylaundering.com.
EU officials took the unprecedented step Thursday of directly ordering a member state's financial regulator to improve its supervision of banks for anti-money laundering purposes.
Maltese banks lack the means to mitigate the risk of illicit foreign capital flowing through their nation's relatively "large financial sector," according to the Malta Financial Services Authority, or MFSA.
Financial investigators in Malta are sifting through transactional records, internal emails and other data at Pilatus Bank for evidence of money laundering and other illicit activity, a senior regulator told European lawmakers Tuesday.
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