The Malta Financial Services Authority recently signed a Memorandum of Understanding with the Financial Intelligence Analysis Unit (FIAU) that will facilitate on-site inspections relating to the prevention of money laundering and funding of terrorism.
The Prevention of Money Laundering Act provides for cooperation between the FIAU and supervisory authorities, such as the MFSA, in the supervision of anti-money laundering and the combating of the financing of terrorism.
The primary purpose of this MoU is to enhance cooperation between the parties, including the rendering of assistance to each other and the exchange of information.
The FIAU is a government agency responsible for the collection, collation, processing, analysis and dissemination of information with a view to combating money laundering and the financing of terrorism.
The unit is also responsible for monitoring compliance with the relevant legislative provisions.