Anti-money laundering body, MONEYVAL has sharply criticised Malta for inadequately tackling financial crimes, in a report highlighting the risks of banking and online gambling sectors. The report is a setback for the island that has sought to repair its reputation following the murder of a journalist investigating corruption.
Moneyval said that the 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 Maltese ministers issued a statement to say they were happy with the progress that the country had made so far and they would prepare a one-year plan to implement Moneyval’s 58 recommendations.
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 added they were “not convinced” Maltese police could effectively investigate and prosecute “cases related to financial, bribery and corruption offences.”
