The Malta Financial Services Authority (MFSA) and the Malta Police Force have signed an agreement that will see the two entities strengthening their cooperation in the fight against financial crime.
In a statement, the MFSA said that the agreement would come into effect, adding that it was one of several initiatives it is working on in order to establish a cooperation network with national and international stakeholders.
Over the past few years, especially since the assassination of Daphne Caruana Galizia in 2017, the international spotlight has been on Malta, particularly its ability the investigate and prosecute financial crimes.
In 2019 Malta also failed an assessment of its anti-money laundering framework by Moneyval, which has been the driving force behind several reforms introduced by the government over the past year or so. Malta is understood to have passed a follow-up assessment though it still runs the risk of being grey-listed.
“This MoU is part of our resolve to enhance levels of collaboration with key partners. The agreement we have signed with the Malta Police Force reflects the determination of our institutions to combat financial crime, money laundering and the funding of terrorism,” acting CEO Christopher Buttigieg said
“It also provides a platform for sharing good practices, knowledge and expertise while allowing us to seek joint training opportunities that will continue to increase our ability to work closer together.”
Police Commissioner Angelo Gafa signed the agreement on behalf of the police.
“I welcome this important initiative which formalises and strengthens the existing relationship between the Malta Police Force and the MFSA. I look forward to continuing to build on our constructive cooperation to fight Financial Crimes and to sustain the achievements made in the interest of our country,” Gafa said of the agreement.
The agreement will allow the police and the MFSA to enter into further mutual assistance arrangements going forward, the MFSA said.
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