Malta was among the fifteen countries to have its financial intelligence group admitted to the Egmont Group at its plenary meeting in late July.
The Malta Independent announced on Friday that although the jurisdiction had participated in the forum for anti-money laundering bodies for around four years as an observer, full entry to the group could only be secured by the creation of an operational unit to tackle financial crime.
This was achieved when the Financial Intelligence Analysis Unit was established in March 2002, and became operational in the Autumn of that year. Its creation was provided for under Article 15 of the 1994 Prevention of Money Laundering Act, and it is an independent government agency within the Maltese Ministry of Finance and Economic Affairs, the Independent report went on to explain.
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