Wider reporting of suspicious financial transactions

Auditors, notaries and other independent legal professionals working as financial intermediaries as well as auctioneers, and antiques and jewellery dealers are now obliged to report suspicious financial transactions.

Regulations recently published under the Prevention of Money Laundering Act have broadened the reporting base, which was previously limited to financial institutions.

Deputy Attorney General Silvio Camilleri, who is also the chairman of the Financial Intelligence Analysis Unit, said the FIAU had made recommendations so that local legislation would come in line with international law.

"The trend abroad is that those dealing in high value goods are obliged to report suspicious financial transactions.

"Internationally, it has been noticed that as a clampdown was made on suspicious transactions in banks and financial institutions, a shift was noticed in the trend to launder money in other areas, and the FIAU made suggestions so that Malta aligns itself with EU legislation, which after all followed the international trend," Dr Camilleri said.

The local FIAU works within an international network which facilitates the exchange of information between financial intelligence units in order to combat money laundering "which almost invariably has a transnational element," Dr Camilleri said.

Anyone having any knowledge of suspicious financial transactions should send information to the FIAU, PO Box 213, Valletta, CMR 01.