The function of the asset recovery bureau in Malta towards the prevention of money laundering

Abstract

This research will be aimed to show how the Asset Recovery Bureau in Malta handles money laundering situations by being entrusted with tracing, collecting, storing, preserving, managing and disposing the proceeds of crime or property in favour of the government. It shall also convey how the bureau compiles the inventory of assets of such persons who are facing criminal procedures in the aspect that it will serve as a tool to present the court with a clearer picture of the assets of those accused. The first Chapter introduces the basic elements and definitions of money laundering and asset recovery. In Chapter II, there will be a focus on the steps of asset tracing and recovery and an overview of the Asset Recovery Bureau in Malta. The Proceeds of Crime Act, Chapter 621 of the Laws of Malta which incorporates the functions of the Asset Recovery Bureau will also be examined. Other legislation which shall be analysed in this research are the Prevention of Money Laundering Act which came into force as part of Malta’s legislation in 1994. In addition to this, it will contain an analysis of various judgements involving assets being frozen or confiscated which have been derived from criminal conduct, specifically from money laundering. Chapter IIIshall contain an analysis on Money Val’s report on Malta’s approach to money laundering and including Recommendation 39 on Mutual Legal Assistance. This is for the reason that confiscation is a significant priority in the EU's fight against money laundering and other organised crime. Malta’s approach to such report will also be examined, specifically the new Proceeds of Crime bill and other proposals made by Parliament Members or professionals. This research will also include a comparative analysis of how other countries implement the legislature in the context of tracing and recovering assets. This will be conveyed in Chapter IV, which will also include the related directives of the European Union in regard to money laundering and asset recovery. As a choice of research method, a qualitative approach will be taken. This type of approach will be correspondingly useful in exploring the limitations that Malta may have in its procedure of tracing and recovering assets and how well our Courts handle this type of situation. The conclusion shall wrap up the arguments brought forward by this dissertation. The author of the research shall also state his opinion in relation to how well the Asset Recovery Bureau is performing and its limitations.