The Financial Intelligence Analysis Unit (FIAU) has published a factsheet on tax-related money-laundering typologies and red flags, with the aim of providing more guidelines on the subject.

The factsheet is predominantly based on a strategic analysis conducted by the FIAU’s Intelligence Analysis section on Suspicious Transaction Reports (STRs) that have a tax offence as the indicated predicate offence. A consultation exercise was launched for feedback on the content of the factsheet with the Malta Institute of Accountants, the Malta Institute of Taxation and the Commissioner for Revenue.

Apart from the inclusion of typologies and red flags, a number of case studies are incorporated to further assist subject persons in identifying red flags and typologies associated with tax-related money laundering. The factsheet is being published to increase subject persons’ knowledge and to enrich their ability to detect, question further and also report situations where they suspect that their services are, have been, or might be used to launder funds connected to serious tax evasion.

Businessnow.mt recently reported how the increased cost of compliance caused by the EU’s push towards a more consistent regulatory environment across the union could mean lower dividends for shareholders of banks, which have faced the most scrutiny as a result of tightening regulations.

Related

Helmet construction safety

Developers call for automatic renewal of building permits to reduce dependence on foreign workers

October 3, 2023
by Robert Fenech

Allowing developers to spread the work out over a longer period will limit the need to work faster, says MDA

Air Malta to shut down by 30th March 2024, Government to invest €350 million in new airline

October 2, 2023
by Robert Fenech

The airline was established in 1973

Robert Abela and Clyde Caruana to share update on national airline this afternoon

October 2, 2023
by Robert Fenech

The Prime Minister and the Minister for Finance are expected to announce the beginning of the end for Air Malta