The Financial Intelligence Analysis Unit (FIAU) of Malta has published its Annual Report for 2020. Highlights from this report are discussed below.
The FIAU report identifies that despite 2020 being a challenging year because of the COVID-19 pandemic, it proved to be successful for the Unit in various ways. In 2020, the FIAU continued to address the deficiencies that the European Banking Authority, the European Commission, the International Monetary Fund and MONEYVAL had identified in their respective assessments. For example, it successfully implemented the Centralised Bank Account Registry (CBAR), complying with the Fifth European Anti Money Laundering Directive (5th AMLD).
Meanwhile, subject persons filed 5,175 suspicious reports in 2020, a record high for the Malta FIAU. The FIAU further shared 4,535 intelligence reports with national and international authorities. Moreover, the Unit issued eight guidance documents, conducted 14 webinars, and trained more than 3000 people. The FIAU also improved upon the Compliance and Supervision Platform for Assessing Risk (CASPAR), a software tool for automating the risk assessment process. It further invested in goAML, an analytical software tool developed by the United Nations Office on Drugs and Crime specifically for Financial Intelligence Units.
The FIAU’s supervision, guidance and outreach programs continued uninterrupted even though it had to move to virtual meetings in 2020. The FIAU also noted an increased awareness of AML/CFT requirements and compliance. Overall, in 2020, the Unit grew in staff complement, resources, as well as work output. The FIAU has acknowledged that a large investment with a budget of over €8.5 million ($10.34m) for 2020 allowed it to achieve its goals.