Malta Committed To Money Laundering Fight Says Dalli

by Lorys Charalambous, Tax-News.com, Cyprus

19 September 2001

Speaking at a seminar organised by the Malta Financial Services Centre (MFSC) on Monday, Finance Minister John Dalli reiterated the jurisdiction's commitment to the fight against money laundering.

'Malta is establishing itself as a serious and reputable financial centre,' he said, 'and the ingredients of success are mainly a good reputation for integrity.' He observed that a strong anti-money laundering approach and supporting legislation was necessary to ensure that Maltese institutions did not facilitate the transformation of illegal assets into legitimate property or cash, echoing a sentiment uppermost in the minds of many in light of the speculation over the hidden assets of Saudi dissident Osama bin Laden.

'By curtailing access to the financial benefits of crime, criminality is thwarted in its designs,' he observed. He also called attention to the fact that Malta had enacted anti-money laundering legislation as early as 1994.

Other speakers at the 'Combating Money Laundering' seminar included MFSC Chairman, Joe Bannister, Deputy Attorney General Silvio Camilleri, Financial Services Authority Policy Adviser James London, and FATF Administrator Vincent Schmoll.

Mr Schmoll spoke of the insidious effects of money laundering activities on a jurisdiction, observing that by degrees it infiltrates the financial services sector, controls the economic sectors, and allows unidentified criminal activity. He added that it is an issue which touches financial centres world-wide.

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