FIAU Reporting

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FIAU Reporting. The 31st May 2014 was the closing date for the submission of the statutory Annual Compliance  Report (ACR) to the  The Financial Intelligence Analysis Unit / FIAU is a government agency established under the Prevention of Money Laundering Act (Cap 373 of the Laws of Malta).( . This reporting must, by law, be done by most professional ‘subject persons’ namely financial advisers, banks and other financial institutions, accountants and auditors, lawyers, legal procurators, public notaries, and others  involved, whether as a firm or as a sole practitioner in the setting up of companies, those offering company services such as management, accommodation and/or secretarial services to companies, corporations and institutions involving large cross-border  financial transactions and the movement of (mostly foreign) capital. The FIAU identifies, through the reporting procedure in place, those cases which look likely to be suspicious transactions intended for money laundering purposes or for the funding of terrorism. FIAU is part of a multi-national grouping established to protect people, organizations and states from being ‘used’ by organized criminals for the above patently illicit objectives.
A report in The Malta Independent referring to the FIAU’s Annual Reports for 2012 and 2013 shows there was an increase in detection of cases that were referred to the police for further investigation. Financial Intelligence Analysis Unit sees 132 new cases over 2013

Vide:   Prevention of Money Laundering Act Cap. 373.