Building a model to prevent, control and disrupt money laundering in Malta

Abstract

Money laundering is an international criminal concern that results from various types of crime known as predicate offences. Various research has been published in recent years concerning the phenomenon of money laundering (ML) at large, however on a local scale no such research addressing the prevention and disruption of money laundering was found. This study aims to understand the known modus operandi surrounding this crime and ultimately how this can be prevented or attenuated. Secondly, the expertise of various professionals in ML was sought. Ultimately, this research builds an ideal model of how money laundering can be prevented, controlled, and disrupted in Malta. The hypothesis of how money laundering can be disrupted and prevented on a local scale was tested using a qualitative approach. Data for the study were gathered through five interviews, and the information gathered was thematically analyzed, yielding nine themes. It was observed that Malta has a poor regulatory agency in terms of legislation and enforcement. Respondents also agreed that financial organizations' training and standards should be upgraded to be considered as legitimate ML professionals. Revision of the regulation, a more effective regulating body, and an engaged association would all help in this regard.