Malta’s Finance Minister Edward Scicluna has said that the country, ‘has always done its job in terms of combating money laundering and financial crime,’ but combating it, is a team effort.
The Minister made the comment during the launch of a one-week training programme entitled, ‘Financial Investigative Techniques’.
The programme is being organized U.S Embassy through the U.S Department of Defense in collaboration with the National Coordinating Committee on Combating Money Laundering and Funding of Terrorism.
A number of US and Maltese entities are coordinating the training, including the Maltese secret services, MFSA and FIAU as well as the U.S. Internal Revenue Service; whom are providing a total complement of 40 training representatives.
The training is expected to bolster Malta’s ability to address money laundering and financial crime, Minister Scicluna explained.
‘Malta has made a lot of progress as regards to the 5th Anti-Money Laundering Directive which will be transposed by January 2020,’ Minister Scicluna added.
The 5th Anti-Money Laundering Directive is said to include the introduction of new initiatives over company registers and information sharing.
While this was important for Malta, all European Member States, ‘have to work together to reach the required standards.’