Chasing criminal treasures : implementation of asset recovery measures in Malta

Abstract

This dissertation focuses on the criminological, sociological and economical impacts that are derived from the act of money laundering and the importance of tracing and recovering of criminally obtained assets. This research also includes a comparative study of multiple countries’ legislative frameworks and procedures practiced in the context of asset tracing and recovery. A qualitative approach with the use of in depth one to one interviews was adopted with key professionals to understand the ambiguities found within literature reviewed. The chosen method assisted the researcher to gain vital information that was not found in available literature. Thematic analysis was conducted to study and examine the replies received from research particpants. The conclusions of this study show that Malta does not yet have an opeartional asset recovery bureau and presently no criminal assets beyond Maltese borders are being traced or recovered. Participant replies showed that many professionals interviewed were very versed on the subject of money laundering but were not very knowledgable on asset tracing and recovery. Participants in general agreed that Malta needs to invest in more training and expert professionals within the local anti-money laundering regime, including a wider range of representatives from financial sectors within the asset recovery bureau. From the information gathered in the conducted comparitive study, it is evident that Malta has many limitations in its present existing procedures of tracing and recovery of assets. Suggestions for further studies within the feild of asset recovery where reccommended to give a more detailed perspective on this under researched theme of money laundering.