Criminals’ treasure cove : the golden method used by criminals to launder funds in Malta

Abstract

This dissertation explores the covert realm of money laundering in the precious metals and stones industry, characterised by significant financial transactions and limited regulatory supervision. It is initiated with an extensive examination of existing literature. It explores the intricate workings of money laundering, encompassing its definition, techniques, and the significant consequences of dealing with such valuable minerals. Its assets' liquidity highlights the sector's vulnerability, difficulties in monitoring provenance, and frequently inadequate regulatory frameworks. An in-depth analysis of global and local initiatives, particularly those led by the Financial Action Task Force (FATF) and MONEYVAL, evaluates the present condition of anti-money laundering (AML) strategies in this sector with a high risk of illicit financial activities. The study recognises both the advancements made and the deficiencies found in the current approaches. The dissertation's methodology section outlines a qualitative research approach aimed at deeply understanding the subject matter, transitioning from theory to practical insights. The procedure involves conducting semi-structured interviews with industry experts chosen for their expertise in Anti-Money Laundering (AML) challenges and practices. This method stresses the significance of leveraging personal experiences to grasp money laundering tactics and assess countermeasures' effectiveness. Additionally, it underscores the importance of adhering to ethical standards, employing rigorous analytical methods, and addressing research limitations identified during the study. This overview summarises the study's main focus and emphasises its significance in enhancing the overall comprehension of money laundering in an important but often neglected financial industry sector. The dissertation analyses the exploitative utilisation of valuable resources in illegal financial schemes and evaluates the global and local measures taken to counteract them. The objective is to provide insight into the intricate relationship between theoretical and empirical elements of preventing money laundering and suggest improvements to bolster the defences of the global and local financial system.