EU COMMISSION REQUESTS MALTESE AML WATCHDOG TO STEP UP SUPERVISION OF BANKS

On 8th November, an EU news release announced that the European Commission had adopted an Opinion requiring the Maltese AML supervisor (Financial Intelligence Analysis Unit) to continue taking additional measures to fully comply with its obligations under the 4th Anti-Money Laundering Directive.  The European Banking Authority (EBA) investigated and concluded that the FIAU was breaching EU law and issued a Recommendation on 11th July.  It considered that Malta failed to correctly supervise financial institutions and ensure their compliance with AML rules.  The FIAU has 10 working days upon receipt of the opinion to inform the Commission and the EBA of the measures it intends to take to comply with their obligations.

http://europa.eu/rapid/press-release_IP-18-6303_en.htm

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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