The Financial Intelligence Analysis Unit has reported a slight increase in the number of suspicious transaction reports (STRs) it received in 2006, and an improvement in the quality of those reports.
The unit's annual report shows that the FIAU received 78 STRs last year, up by three over the previous year. The reports covered 72 cases, which was 10 more than in 2005.
During 2006 the FIAU referred 24 new reports on 21 cases to the police for further investigation.
Eight involved fraud or forgery and five involved usury with one of these cases possibly linked to foreign exchange deals.
Drug related money laundering was indicated in four cases, with one of them also suspected to involve human trafficking.
Two cases each were linked to illegal gambling and identity theft.
The unit said 19 of the cases were local and five had international connections.
A further 48 reports completed in 2006 resulted in inconclusive evidence and no further action was taken.
The credit institutions were by far the biggest source of suspicious transaction reports.
During 2006 the FIAU received 23 requests for assistance from 15 jurisdictions and one request from a foreign FIU resulted in a report submitted to the police. The Financial Intelligence Analysis Unit was set up in 2002 to collect and analyse financial information to combat money laundering and the funding of terrorism. The chairman of the unit, Silvio Camilleri, in a statement in the report said the unit has now moved to new, larger, premises and is strengthening its resources.
He said the police liaison officer needed to play a more pro-active role to ensure that the unit had all possible information and intelligence to evaluate suspicious transaction reports.
The unit's annual report shows that the FIAU received 78 STRs last year, up by three over the previous year. The reports covered 72 cases, which was 10 more than in 2005.
During 2006 the FIAU referred 24 new reports on 21 cases to the police for further investigation.
Eight involved fraud or forgery and five involved usury with one of these cases possibly linked to foreign exchange deals.
Drug related money laundering was indicated in four cases, with one of them also suspected to involve human trafficking.
Two cases each were linked to illegal gambling and identity theft.
The unit said 19 of the cases were local and five had international connections.
A further 48 reports completed in 2006 resulted in inconclusive evidence and no further action was taken.
The credit institutions were by far the biggest source of suspicious transaction reports.
During 2006 the FIAU received 23 requests for assistance from 15 jurisdictions and one request from a foreign FIU resulted in a report submitted to the police. The Financial Intelligence Analysis Unit was set up in 2002 to collect and analyse financial information to combat money laundering and the funding of terrorism. The chairman of the unit, Silvio Camilleri, in a statement in the report said the unit has now moved to new, larger, premises and is strengthening its resources.
He said the police liaison officer needed to play a more pro-active role to ensure that the unit had all possible information and intelligence to evaluate suspicious transaction reports.