European Commission tells Malta to enhance anti-money laundering enforcement
The European Commission (EC) has recommended Malta strengthen its anti-money laundering vigilance.
The EC points to the growth of Malta’s financial and gaming sectors, as well as noting that “crypto-currency operators require an effective anti-money laundering enforcement.”
While the country has taken positive steps, the EC points out the Maltese police’s Economic Crimes Unit is still understaffed.
“Improving the governance framework and ensuring an effective implementation is a key element to preserve Malta’s attractiveness and protect the economy from reputational risks,” the EC writes. It also noted corruption risk may affect the business environment negatively.
Malta also needs to implement more efficient measures to fight against tax evasion, the EC writes. It noted "that Malta’s tax rules are used by companies that engage in aggressive tax planning,” highlighting that considering current regulations, some companies might be avoiding paying taxes altogether.
