The use of Maltese bank accounts and international wire transfers have featured in the vast majority of suspected transactions reported to the police and Malta’s financial intelligence analysis unit (FIAU) in 2013.
29 suspected offences were reported to the police in 2013, the highest amount since 2008, the majority pertaining to suspected fraudulent activity.
The FIAU, which fights money laundering, said the most popular instances of suspected offences involved the use of Maltese companies and banks by foreign nationals, as vehicles to launder the proceeds of criminal funds generated outside Malta
“The main trend observed during the year as that most cases referred to the Police for investigation involved the use of a company registered in Malta having at least one non-resident foreign beneficial owner. Once again, the use of Maltese bank accounts and international wire transfers featured in the vast majority of the cases reviewed,” the FIAU said,
In some cases, the subjects availed themselves of the services of Maltese professionals and service providers. In these cases these entities were suspected of having been used unknowingly and unwittingly to launder criminal funds.
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