Left Menu
Development News Edition

Malta must do more to fight money laundering, says European watchdog

Reuters | Valletta | Updated: 13-09-2019 20:59 IST | Created: 13-09-2019 20:56 IST
Malta must do more to fight money laundering, says European watchdog
Image Credit: Flickr

Malta has been sharply criticised by an influential European monitoring body for inadequately tackling financial crime, in a report highlighting the risks of its large banking and online gambling sectors. The report, which in the past has been closely watched internationally including by U.S. Treasury officials, is a setback for the island that has sought to repair its reputation following the murder of a journalist investigating corruption.

Moneyval, a pan-European group backed by more than 30 countries, said Maltese police seldom used information gathered to trace criminal money and not enough was being done to tackle money laundering risks in online gambling. A group of key Maltese government ministers issued a statement to say they were happy with the progress the country had made so far and they would prepare a one-year plan to implement Moneyval's 58 recommendations.

They said the country was "deeply committed" to tackling money laundering and terrorist financing. Malta's financial regulator, MFSA, said it would not be complacant and hoped to further improve to become a "role model" in Europe. Despite having a population of only 420,000, Malta, a former British naval stronghold south of Sicily, has a financial sector that dwarfs many EU countries. It is also the European leader in online gaming.

Moneyval said that although the country had tried to better understand money laundering risks, investigations were hampered by "limited resources, both human and financial". Moneyval said they were "not convinced" Maltese police could effectively investigate and prosecute "cases related to financial, bribery and corruption offences".

Last year, Pilatus Bank, an international lender based on the island, was shut down by the European Central Bank after its chairman was accused in the United States of money laundering and bank fraud. The lender had received a clean sheet from Maltese authorities despite allegations of processing corrupt payments by investigative journalist Daphne Caruana Galizia, who was killed by a car bomb (tinyurl.com/yd8nmmap).

There is no proven link between her murder and reports she wrote about the bank. (Reporting By John O'Donnell; Editing by Elaine Hardcastle and Giles Elgood)

Also Read: German NGO calls on Malta to take in migrants


TRENDING

OPINION / BLOG / INTERVIEW

5G will be the key driving force for COVID-19 recovery: Here's how?

... ...

Canada’s COVID-19 pitfalls highlight need for integrated health information system

In the globalized world of today where outbreaks can spread far and wide within a matter of days, a global-level integrated health information system is ideal but Canadas provincial barriers show that the country lags much behind in deployi...

Pandemic must be impetus, not obstacle, for clean water access

To make matters worse, there are suspicions that the inadequacy of wastewater treatment methods in California, the rest of the USA, and indeed around the world may help to propagate the disease even more widely. ...

3D printing and the future of manufacturing post COVID-19

The on-demand, customizable, and localized manufacturing of product components facilitated by 3D printing has the potential to redefine manufacturing but there are certain technical, mechanical, and legal limitations that, unless ...

Videos

Latest News

Music Industry hit hard by coronavirus in Haldwani

Scores of musicians and singers in Haldwani city of Uttarakhand have been hit by COVID-19 pandemic as public gatherings have been banned and people are not willing to step outdoors to attend concerts and shows. These musicians are now putti...

NHL roundup: Jackets rebound, even series with Lightning

Oliver Bjorkstrand scored the go-ahead goal late in the first period to lift the Columbus Blue Jackets to a 3-1 victory over the Tampa Bay Lightning on Thursday in Game 2 of their Eastern Conference first-round series in Toronto. Defenseman...

9 deaths, 1,921 more COVID-19 cases in Telangana

As many as 1,921 COVID-19 positive cases and nine deaths were reported from Telangana on August 13, taking the total number of cases to 88,396 in the state.According to the State Health Department, the total number of cases includes 64,284 ...

Uganda: UNFPA asks government to reopen schools following safety measures

The United Nations Fund for Population Activities UNFPA country representative, Alain Sibenaler, has asked the government of Uganda to provide safe ways and consider reopening of schools to address the effects that the closure of institutio...

Give Feedback