Anti-money laundering legislation in Malta : where do we stand?

Abstract

"The money screamed across the wires, its provenance fading in a maze of electronic transfers, which shifted it, hid it, broke it up into manageable wads which would be withdrawn and redeposited elsewhere, obliterating the trail." Linda Davies - Nest of Vipers Money laundering is an area of topical interest because of its very nature and scope. While it may be viewed by some as a victimless crime, since it lacks the drama of other violent crimes such as homicide and theft, it is in fact the most heinous crime of all, as it preys on the average law-abiding citizen. Successful money laundering schemes imply that not only has a criminal gotten away with reprehensible behaviour, but that the criminal has also gained a significant economic advantage in the process. In this context, curtailing money laundering gains even more importance, as the most effective way to fight crime is to take the profit out of it. Thus, the aim of this thesis is twofold. In the first place it seeks to analyse the anti-money laundering legislation in place in Malta, keeping in mind the international context. The author will achieve this through a detailed analysis of the most important international anti-money laundering instruments, which will be followed by a detailed analysis of the Maltese legislation in force at present. The second and main aim of this thesis is to find out where Malta stands. Thus, the Maltese law will be compared to the international instruments previously analysed in order to arrive to a conclusion as regards the effectiveness of such instruments' implementation into Maltese law. Finally, a comparison to the English and Slovenian anti-money laundering laws will follow. The author believes this will further serve to gauge the Maltese law's effectiveness. Conclusions regarding the adequacy of the Maltese regime and recommendations the author believes would serve to improve upon the present legislation will follow.