The Financial Intelligence Analysis Unit (FIAU) is pleased to announce the release of its Annual Report for the year 2022. The report speaks of challenges faced and overcome, key of which was the grey lisitng of Malta in June 2021. In just one year the FIAU and all involved stakeholders turned this around and Malta was successfully delisited in record time.
The Annual Report 2022 provides a detailed overview of the organisation’s activities, achievements, and initiatives throughout the past year. It showcases the substantial progress made in enhancing Malta’s Anti-Money Laundering (AML) and Counter Funding of Terrorism (CFT) framework, reflecting the commitment of the FIAU to uphold the highest standards of regulatory compliance and to share valuable intelligence with law enforcement authorities in Malta and overseas.
Highlights from the report include:
Statistical Insights: The report offers a comprehensive analysis of key statistical data. The Unit once again saw an increase in Suspicious Transactions Reports (STRs) with a 19% increase over 2021. In real terms the Unit received 8,740 reports in 2022, 1,417 reports more than 2021. The top reporting sector remains the Remote Gaming Sector, however, following various training inititiatives and support to subject persons, an increase in reporting was noted across most sectors. The response rates to the annual Risk Evaluation Questionnaire (REQ) – an important source of information for the FIAU’s risk based approach to supervision – continued to improve, reaching an average of 98% across the financial and non-financial sectros, with some having a 100% response rate.
Collaborative Partnerships: The FIAU has fostered strong collaborations with domestic and international stakeholders, including regulatory authorities, law enforcement agencies, and financial institutions, to create a united front against financial crime. The Unit is focused on improving both local and international engagment through wide spread intitiatives, from training sessions locally and overseas to conferences on both fronts, to Public Private Partnerships and particpation in international fora. Nationally, for exmaple, the FIAU organised no less than seven AML/CFT clinics with representatives from the banking industry, as well as several other Public Private Partnerships with other private sector representative bodies.
Training and Education Initiatives: The FIAU is committed to improving compliance by all subject persons. This is not only achieved through supervision and enforcement but also through education. Staff from all across the Unit took part in no less than 70 training initiatives, by participating in panels, giving presentations and knowledge sharing. Of these, 16 were FIAU-led initiatives. Catching them young is also on the FIAU’s agenda through interventions in schools and participation in various students events.
Mr Alfred Zammit, Acting Director of the FIAU, expressed pride in the accomplishments highlighted in the report, stating, “The FIAU’s Annual Report 2022 stands as a testament to our unwavering dedication to safeguarding the integrity of Malta’s financial system. We remain steadfast in our mission to combat money laundering and the financing of terrorism.” He also took the opportunity to “thank Mr Kenneth Farrugia who served as the FIAU’s Director between 2017 and 2023, for his hard work, commitment and dedication to the FIAU throughout his tenure.”
The Annual Report 2022 is now available for download on the official FIAU website, and we invite all our stakeholders and interested parties to go through our report.
For media inquiries, please contact:
T. (+356) 2123 1333
M.(+356) 9953 1333