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About the Financial Intelligence Analysis Unit
- Who We Are
The Financial Intelligence Analysis Unit (FIAU) was set up in 2002 under the Prevention of Money Laundering Act (Cap. 373 of the Laws of Malta) ('PMLA'). Although the FIAU falls within the structure of the Ministry of Finance, the Economy and Investment, it is an independent agency and enjoys full autonomy in its operational activities.
- Our Mandate
In accordance with Article 16 of the PMLA the FIAU is responsible for the collection, collation, processing, analysis and dissemination of information with a view to combating money laundering and funding of terrorism.
The core functions of the FIAU are the following:
Financial Analysis
- Seeks additional information in relation to STRs received.
- Conducts a financial analysis in relation to STRs.
- Draws up analytical reports on findings.
- Reports to the Police if a reasonable suspicion of money laundering subsists. - - Compiles statistics and records.
- - Gathers information on the financial and commercial activities in Malta to detect areas of activity which may be vulnerable to money laundering
and terrorist financing.
Compliance Monitoring
- Monitors compliance of subject persons.
- Establishes compliance procedures for on-site examination and off-site monitoring, and col¬laborates with supervisory authorities in conducting on-site
examinations on its behalf.
- Receives reports from supervisory authorities conducting on-site examinations on its behalf and co-operates with them on remedial action.
- Keeps abreast with developments in methods, typologies, and trends in order to provide guidance and feedback by transmitting updated information
to subject persons.
- Issues guidelines.
- Disseminates information among subject persons.
International Relations
- Oversight of exchange of information with foreign entities.
- Receives requests from foreign FIUs and makes requests to foreign FIUs for assistance.
- Co-ordinates the participation of the FIAU in international fora, including the Egmont Group, the EU FIU Platform, the EU Committee on the Prevention of
- Money Laundering and Terrorist Financing and MONEYVAL.
- Enters into Memoranda of Understanding with foreign FIUs.
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