Overview of the activities of Malta's largest supervisory authority, FIAU, for 2022: brief key points to keep you on topic

2023 has begun, and the first results of 2022 are in. Let's look at an essential financial overview as an economic community.

Let's check out one of Malta's most important financial institutions, FIAU.

The FIAU was set up to collect, analyze, and disseminate information related to money laundering. Monitoring compliance with relevant legal provisions is also part of his responsibilities.

In 2022, the organization collected €3.1 million in fines against companies and individuals that violated the Money Laundering Prevention Act.

Detailed reasons for fines:

- legally binding documents were not provided;

- documents submitted incorrectly;

- companies didn't assess their business risks enough;

- discrepancies in company documents;

- the FIAU requests for information weren't answered.

Let's compare the amount of money totalled in fines by the FIAU:

- 2019: 20 fines, €37,050

- 2020: 170 fines, €2,103,277

- 2021: 176 fines, €1,184,317

- 2022: 145 fines, €3,557,701,?

On the one hand, the FIAU works very actively. On the other hand, it is the largest government agency overseeing Malta's financial sector. As a result, it has enormous power and responsibilities. Hopefully, the organization won't abuse its power. In 2023, we'll keep an eye on things.

There was a substantial negative impact on Malta's international financial image when it was on the grey list. In July 2022, Malta was taken off it, but it still has much work to do to improve its financial processes. The importance of being transparent here cannot be overstated.