As expected, reference was made to the removal of Malta from the Grey List which took place in June 2022, demonstrating the FIAU's agility and determination in this respect. The Report provides a comprehensive overview of the FIAU's activities, accomplishments, and strategic initiatives that took place during the year 2022; demonstrating the significant strides made in reinforcing Malta's Anti-Money Laundering (AML) and Counter Funding of Terrorism (CFT) framework.
This aligned with the FIAU's steadfast commitment to upholding the highest standards of compliance, as well as sharing vital intelligence with both local and international law enforcement agencies. The report is rich in insights, offering a deep dive into the data. A notable statistical highlight is the 19% increase in Suspicious Transactions Reports (STRs) over in comparison to the previous year, with a total of 8,740 reports received in 2022.
As observed in the Report, the Remote Gaming Sector retains its position as the top reporting sector, but with the aid of targeted training initiatives and support for subject persons, a significant increase in reporting has been noted across various sectors. The Report also highlights improvements in response rates concerning the annual Risk Evaluation Questionnaire (REQ), a crucial source of information for the FIAU's risk-based supervision.
The Report highlights the FIAU's commitment to education and training and its dedication to improving compliance. This commitment goes beyond supervision and enforcement; it includes an extensive educational component. BDO Malta recognisess the importance of FIAU's efforts in creating a secure and transparent financial environment in Malta.
