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Sanctions:
As a member of the EU, the country is party to all EU Sanctions
as well as UN sanctions.
____________________________________________________
Offshore Jurisdiction Blacklists:
Information unavailable.
____________________________________________________
US State Department Money Laundering Report - 2011:
Malta is not a regional financial center. Malta’s location between
North Africa and Italy makes it a potential transit point for drug
and human trafficking to Europe.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: YES
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
(Please refer to the Department of State’s Country Reports on
Terrorism, which can be found here: http://www.state.
gov/s/ct/rls/crt/)
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks, currency exchange offices, stockbrokers,
insurance companies, money remittance/transfer services, real-
estate agencies, auditors, accountants, notaries, tax advisors,
trust or asset managers, company formation agents, nominee
shareholders, casinos, auctioneers, and dealers in art, precious
metals and stones
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: YES
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Banks, currency exchange offices, stockbrokers,
insurance companies, money remittance/transfer services, real-
estate agencies, auditors, accountants, notaries, tax advisors,
trust or asset managers, company formation agents, nominee
shareholders, casinos, auctioneers, and dealers in art, precious
metals and stones
Number of STRs received and time frame: 63 in 2009
Number of CTRs received and time frame: Not applicable
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: Nine in 2009
Convictions: Five in 2009
Assets forfeited: criminally: 2,670,811 EUR (approximately
$3,690,000) in 2009 civilly: 0 in 2009
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
Malta is a member of the Council of Europe Committee of Experts
on the Evaluation of Anti-Money Laundering Measures and the
Financing of Terrorism (MONEYVAL), a Financial Action Task
Force (FATF)-style regional body. Its most recent mutual
evaluation can be found here: http://www.coe.
int/t/dghl/monitoring/moneyval/Countries/Malta_en.asp
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
The Government of Malta should continue to enhance its anti-
money laundering and counter-terrorist financing legislation and
procedures, as appropriate.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No report available
____________________________________________________
US State Dept Trafficking in Persons Report 2011
(introduction):
(Tier 2 Watch List)
Malta is a source and destination country for European women
and children subjected to sex trafficking. Malta is likely a
destination country for men and women subjected to forced labor,
including in restaurants, private households, and in unskilled or
semi-skilled labor. The approximately 2,000 irregular African
migrants currently residing in Malta may be vulnerable to human
trafficking in Malta’s informal labor market. There were anecdotal
reports that Malta may be a transit country for African women
subjected to sex trafficking in continental Europe.
The Government of Malta does not fully comply with the minimum
standards for the elimination of trafficking; however, it is making
significant efforts to do so. Despite these efforts, the government
did not demonstrate overall increasing efforts to address human
trafficking over the previous reporting period; therefore, Malta is
placed on Tier 2 Watch List for a second consecutive year. The
government demonstrated greater commitment to combat
trafficking through national coordination by appointing the country’
s first anti-trafficking coordinator and anti-trafficking monitoring
board. These measures, however, have not yet resulted in
concrete improvements to victim identification procedures, victim
care systems, effective investigations and prosecutions of
trafficking offenders, or targeted prevention activities. Despite its
efforts, the government did not identify any trafficking victims this
year or begin investigations or prosecutions of any trafficking
offenders. There were credible reports that victims of trafficking
were punished for acts committed during the course of trafficking
or deported without proper victim identification. In the only
trafficking case resolved this year, the trafficking offender
received a suspended sentence.
For full report click here
____________________________________________________
US State Dept Terrorism Report 2009
The Maltese government continued to freeze the assets of those
entities on the UN 1267 consolidated list. Malta actively
participated in the EU Clearing House and cooperated with other
Member States and third states to defeat terrorist activities and,
by extension, to prevent financing acts of terrorism, to deny safe
havens to terrorists, and to exchange information to stop the
commission of terrorist acts. The Maltese government has
historically supported sharing information with the United States
on matters related to terrorism, and has demonstrated a
commitment to interdiction operations and compliance with
international requests.
The Maltese criminal code includes several specific provisions on
terrorism. The law addresses “acts of terror” and “terrorism” and
enumerates the actions constituting the offense. Malta
criminalized terrorist financing through the Prevention of Money
Laundering Act, which was expanded to include provisions for the
funding of terrorism. Additionally, the act expanded the powers of
the Maltese Financial Intelligence Unit to include terrorist
financing. Since 2006, the Prevention of Money Laundering
Regulations have been extended to financing terrorism and
include controls that require proper record keeping, specific
reporting requirements, and relevant training on the subject of
terrorist financing.
____________________________________________________
Links:
Worldwide AML Legislation (International Bar Association)
As a member of the EU, the country is party to all EU Sanctions
as well as UN sanctions.
____________________________________________________
Offshore Jurisdiction Blacklists:
Information unavailable.
____________________________________________________
US State Department Money Laundering Report - 2011:
Malta is not a regional financial center. Malta’s location between
North Africa and Italy makes it a potential transit point for drug
and human trafficking to Europe.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: YES
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
(Please refer to the Department of State’s Country Reports on
Terrorism, which can be found here: http://www.state.
gov/s/ct/rls/crt/)
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks, currency exchange offices, stockbrokers,
insurance companies, money remittance/transfer services, real-
estate agencies, auditors, accountants, notaries, tax advisors,
trust or asset managers, company formation agents, nominee
shareholders, casinos, auctioneers, and dealers in art, precious
metals and stones
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: YES
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Banks, currency exchange offices, stockbrokers,
insurance companies, money remittance/transfer services, real-
estate agencies, auditors, accountants, notaries, tax advisors,
trust or asset managers, company formation agents, nominee
shareholders, casinos, auctioneers, and dealers in art, precious
metals and stones
Number of STRs received and time frame: 63 in 2009
Number of CTRs received and time frame: Not applicable
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: Nine in 2009
Convictions: Five in 2009
Assets forfeited: criminally: 2,670,811 EUR (approximately
$3,690,000) in 2009 civilly: 0 in 2009
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
Malta is a member of the Council of Europe Committee of Experts
on the Evaluation of Anti-Money Laundering Measures and the
Financing of Terrorism (MONEYVAL), a Financial Action Task
Force (FATF)-style regional body. Its most recent mutual
evaluation can be found here: http://www.coe.
int/t/dghl/monitoring/moneyval/Countries/Malta_en.asp
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
The Government of Malta should continue to enhance its anti-
money laundering and counter-terrorist financing legislation and
procedures, as appropriate.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No report available
____________________________________________________
US State Dept Trafficking in Persons Report 2011
(introduction):
(Tier 2 Watch List)
Malta is a source and destination country for European women
and children subjected to sex trafficking. Malta is likely a
destination country for men and women subjected to forced labor,
including in restaurants, private households, and in unskilled or
semi-skilled labor. The approximately 2,000 irregular African
migrants currently residing in Malta may be vulnerable to human
trafficking in Malta’s informal labor market. There were anecdotal
reports that Malta may be a transit country for African women
subjected to sex trafficking in continental Europe.
The Government of Malta does not fully comply with the minimum
standards for the elimination of trafficking; however, it is making
significant efforts to do so. Despite these efforts, the government
did not demonstrate overall increasing efforts to address human
trafficking over the previous reporting period; therefore, Malta is
placed on Tier 2 Watch List for a second consecutive year. The
government demonstrated greater commitment to combat
trafficking through national coordination by appointing the country’
s first anti-trafficking coordinator and anti-trafficking monitoring
board. These measures, however, have not yet resulted in
concrete improvements to victim identification procedures, victim
care systems, effective investigations and prosecutions of
trafficking offenders, or targeted prevention activities. Despite its
efforts, the government did not identify any trafficking victims this
year or begin investigations or prosecutions of any trafficking
offenders. There were credible reports that victims of trafficking
were punished for acts committed during the course of trafficking
or deported without proper victim identification. In the only
trafficking case resolved this year, the trafficking offender
received a suspended sentence.
For full report click here
____________________________________________________
US State Dept Terrorism Report 2009
The Maltese government continued to freeze the assets of those
entities on the UN 1267 consolidated list. Malta actively
participated in the EU Clearing House and cooperated with other
Member States and third states to defeat terrorist activities and,
by extension, to prevent financing acts of terrorism, to deny safe
havens to terrorists, and to exchange information to stop the
commission of terrorist acts. The Maltese government has
historically supported sharing information with the United States
on matters related to terrorism, and has demonstrated a
commitment to interdiction operations and compliance with
international requests.
The Maltese criminal code includes several specific provisions on
terrorism. The law addresses “acts of terror” and “terrorism” and
enumerates the actions constituting the offense. Malta
criminalized terrorist financing through the Prevention of Money
Laundering Act, which was expanded to include provisions for the
funding of terrorism. Additionally, the act expanded the powers of
the Maltese Financial Intelligence Unit to include terrorist
financing. Since 2006, the Prevention of Money Laundering
Regulations have been extended to financing terrorism and
include controls that require proper record keeping, specific
reporting requirements, and relevant training on the subject of
terrorist financing.
____________________________________________________
Links:
Worldwide AML Legislation (International Bar Association)
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*Please note that FATF deems that a country has significant aml deficiencies if any
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
| MALTA |
| KnowYourCountry |
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| Last Updated: 16 April 2012 |