The European Commission asked the European Banking Authority (EBA) to conduct a survey which found that the Malta Financial Intelligence and Analysis Unit (FIAU) was violating EU legislation. The European Commission has therefore formulated a formal opinion requesting the Maltese Anti-Money Laundering Supervisory Authority (Financial Intelligence and Analysis Unit) to take a series of precautions including improving its risk assessment methodology for money laundering and financing. terrorism, strengthen its control and monitoring strategy by aligning resources with the risk presented by some recycling institutes, ensure that the authority is able to react quickly to any identified shortcomings, including through the revision of its sanctioning procedures, to ensure that its decision-making process is adequately motivated and documented, to adopt systematic and detailed registration procedures for non-site inspections. Valdis Dombrovskis, Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union, said “the EBA will be given the tools and additional resources needed to ensure effective cooperation and convergence supervision. I trust in the cooperation of the European Parliament and the Council to make this proposal immediately a legislative act”.
