The FIAU has recently published an intelligence factsheet extracted from the results of a strategic analysis carried out in relation to the misuse of companies, whereby at least one of the entities was Maltese.
This document aims to provide intelligence to subject persons with regards to ML/FT indicators and/or red flags to assist them with the detection of concealed beneficial ownership or other crimes.
The Business Risk Assessment (BRA) allows the subject person to ensure that the current business model is in line with its risk appetite. In order to be effective, it must be drawn up using reliable quantitative and qualitative data and be regularly revised.
Tax evasion is one of the areas which led to Malta being grey listed in June 2021 by the FATF.
A robust AML framework is an essential element that subject persons must implement to protect their operations from being used by criminals.