On Wednesday 11 April, the Maltese government launched a new strategy to tackle money laundering and financing of terrorism.
In particular, the strategy provides for an increase in financial, human and technological resources and several national agencies dedicated to the oversight of these activities as well as specific measures to improve Malta's role in international cooperation. Certain registers will, furthermore, be updated to ensure greater transparency on the beneficial ownership of companies and legal entities, the government has announced.
All of this will be coordinated by a new entity, the National Coordinating Committee on Combating Money Laundering and the Funding of Terrorism. The Maltese government intends to implement these measures by 2020, “so that Malta remains a safe country and maintains the stability and integrity of its economy”.
The measure comes against a backdrop of suspicions of corruption and money-laundering on the island, which took a tragic turn with the murder of blogger Daphne Caruana Galizia (see EUROPE 11885). Readers may recall that in early March (see EUROPE 11978), Malta announced its intention of joining the enhanced cooperation instituting the European Public Prosecutor's Office. (Original version in French by Marion Fontana)