Financial crime : an assessment of Moneyval reports on top AML scandal countries and the integration of the new institutional architecture for anti-money laundering

Abstract

With financial crime becoming an ever-growing issue and money laundering becoming a subject of current concern at an international level, the accrescent importance of a regulated approach to fight financial crime of such nature is felt significantly across the globe. With a highlighted focus on the local Maltese jurisdiction, the rationale of this thesis is predominantly that of assessing recent regulatory efforts concerned with the combat of money laundering in particular. Specific reference to the most current findings emanating at a European level, particularly focusing on the series of jurisdictional evaluations carried out by the MONEYVAL mechanism as part of the Council of Europe will be highlighted. Shedding a distinct focus on the European situation specifically, this research seeks to explore how the notion of anti-money laundering has been highlighted drastically in significant years. Consequently, this resulted in countless regulation issued specifically targeting such global phenomenon. Whilst referring to Maltese regulation and legislation in particular, this research also acknowledges the drastic increase of regulation at a European Union level. This is achieved through a series of AML directives making reference to such throughout the Chapters. Based on the aforementioned, this research further seeks to explore the introduction of proper AML internal architecture from the perspective of subject persons, analysing such from a Maltese financial organisation perspective. In gaining a particular insight into the industry from such perspective, a discussion interview was held with senior manager Deborah Gatt. Ms. Gatt works within the industry, with a local giant corporate service provider and one of the big four players in the area. She is responsible for financial crime and regulatory. The research considers the diverse expectations of such financial market players with regards to fulfilling their compliance obligations in the realm of money laundering at a national level. It also suggests the way forward in light of the introduction of technological innovation and emerging technologies being possibly integrated in AML regimes. Furthermore, the research explores the benefits of such in complying to future legal and regulatory obligations in this regard.