Malta’s 2023 National Risk Assessment (NRA) has lately been published, supplying a complete evaluation of the country’s publicity to threats and vulnerabilities stemming from cash laundering, terrorist financing, proliferation financing and centered monetary sanction dangers.
The NRA holds widespread relevance for challenge men and women, supplying them with important insights into present dangers and permitting them to successfully alter their compliance technique and danger mitigation strategies.
Coordinated through the National Coordinating Committee on Combating Money Laundering and Funding of Terrorism (NCC), the NRA changed into evolved in near collaboration with all authorities government worried withinside the combat towards monetary crime and consultant our bodies from the personal sector.
Key findings from the NRA encompass:
- Malta’s general cash laundering residual danger has reduced while as compared to the 2018 NRA, reflecting the effectiveness of mitigating measures carried out through government and the personal sector.
- Notable enhancements had been registered throughout some of sectors, such as prison men and women, consider and employer carrier providers, banking, funding services, accountants and auditors, gaming and digital monetary property carrier providers.
- Other sectors, particularly monetary institutions, actual property sellers and sellers in high-price goods, additionally registered decrease tiers of danger. Nevertheless, as compared to others, those sectors are liable to a better danger of cash laundering.
- Some of the better dangers recognized encompass laundering proceeds from drug trafficking, overseas organised crime and fraud (such as cybercrime).
- Money laundering typologies providing a better stage of residual danger encompass the abuse of coins and coins–primarily based totally businesses, using Maltese registered groups missing enough hyperlinks to Malta, complicated company systems and the purchase of high-price movable and immovable property.
- Residual dangers related to terrorism financing, proliferation financing and centered monetary sanctions had been located to be moderate.
All challenge men and women are obliged to keep in mind the dangers recognized on this present day model of the NRA as a part of their danger evaluation process, reviewing and updating their controls, guidelines and processes as important to mirror and mitigate the recognized dangers.