Tag: AML
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Sacrificing the plebs on the altar of the FATF
Yesterday, Times of Malta, published an interview by Bank of Valletta’s CEO Kenneth Farrugia who said that Malta does not risk getting grey-listed again by the Financial Action Task Force (FATF) because local banks have introduced a wide-range of measures to combat money-laundering. This is a very nuanced statement which deserves a reality-check and a…
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The Judiciary vs the Legislator on Malta’s Anti-Money Laundering Law
Despite my very strong disagreement with Judge Edwina Grima’s fiery response to the leaks of Yorgen Fenech’s chats, the Judge has strongly criticised the government’s new Anti-Money Laundering law. The new reforms, approved earlier this year with the support of high-profile Nationalist Party MPs, including Joe Giglio, have disarmed the authorities’ powers in arraigning and…
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Giving leeway to scoundrels
Attorney General Victoria Buttigieg has yet to pronounce herself against the government’s proposed reforms to restrict her office’s powers to seize and freeze assets of suspected money launderers. The advice of the Attorney General is crucial in the legislation of criminal matters especially when it comes to very technical laws such as those related to…
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Justice Minister Jonathan Attard hands another victory to organised crime
Yesterday, the Minister for Justice, Jonathan Attard handed a new victory to organised crime. The law is being changed so that the state prosecutor and the police won’t be able to seize all your assets in Malta if you are caught laundering money – they will only be able to seize the funds that are…