Maltese Government Stresses Commitment To Combating Money Laundering

by Robert Lee, Tax-News.com, London

22 January 2003

Malta's Finance Minister, John Dalli pledged on Monday that the country would continue to fight international money laundering and terrorist financing through various new initiatives.

Speaking at a seminar on 'The role and responsibilities of financial intelligence units in combating money laundering', Mr Dalli announced the government's intention to extend existing anti-laundering provisions to casinos, accountants, estate agents, and auditors, and to scrutinise more closely the import and export of cash at the country's borders.

According to the Times of Malta, which reported on the seminar, Professor Joseph Bannister, chairman of the Malta Financial Services Authority, was also in attendance, and described money laundering as the third largest 'business' in the world.

'The internet presents the greatest opportunity for money laundering, offering as it does a total lack of traceability of transactions and the movement of capital across borders,' Professor Bannister explained, adding: 'The fight is to separate criminals from their ill-gotten gains.'

Recommended