A new strategy for the Financial Intelligence Analysis Unit (FIAU) will be launched in the coming days, and will include a change in perspective.
A spokesperson for the FIAU, speaking with The Malta Business Weekly, said: “At the core of this change lies the belief that beyond subject persons having obligations supervised by the FIAU, they are the FIAU’s strategic partners in the fight against money laundering and funding of terrorism.”
The FIAU is Malta’s anti-money laundering and funding of terrorism watchdog, and has several functions, including intelligence analysis, supervision, and enforcement (non-criminal).
“After many years of listening, learning, reacting, and implementing plans, the FIAU felt it was time to set its own agenda. The Unit felt it had gained enough experience, knowledge and know how, to be able to map its way forward, set the standards it wants to work by and the goals it wants to reach and enshrine them in the four-year strategy,” the spokesperson said.
Without the support of subject persons “and that of numerous other partners, such as the Police, MFSA and MGA amongst many others, the FIAU cannot be effective,” the spokesperson said. “In fact, the strategy is built on the principles of consultation, where we met with both public and private stakeholders to discuss the way forward. In parallel with this, the FIAU roped in half of its team, from all levels and at various points to contribute to the design of the strategy. Therefore, this is a roadmap created by the FIAU for the FIAU, with the support of its strategic partners.”
The launch of the new strategy in the coming days coincides with the 20th Anniversary of the setting up of the FIAU in 2002. The FIAU originally had just three members and limited resources, but today has a team of 135 people, following investment in human resources, technology and infrastructure, the spokesperson added.
“The FIAU is aware of the challenges it has set itself, yet with the passion, dedication, and commitment the team has always shown that it is confident it has what it takes to succeed,” the spokesperson said.
“The strategy marks a renewed public commitment to continue to work tirelessly and beyond what is the minimal requirement to protect Malta’s reputation as a jurisdiction. In a post grey-listing scenario the FIAU and Malta needs to ensure that there is no room for complacency. Making this strategy public is a conscious decision by the FIAU to increase accountability and transparency where possible, within the constraints imposed by law to maintain confidentiality in our operations,” the spokesperson said.