On June 12th, the Malta Bankers’ Association (MBA), together with its Standing Committee on the prevention of Financial and Cyber Crime & Fraud, hosted a comprehensive day-long event at Xara Lodge in Rabat. The successful conference, themed “Navigating Financial Crime: Creating a Level Playing Field,” aimed to address critical issues in financial and cybercrime, fostering a robust discussion among industry experts.
The conference was also the final event addressed by Mr. Marcel Cassar in his capacity as Chair of the MBA. Speaking just three days before the second anniversary of Malta’s removal from the Financial Action Task Force (FATF) grey list, Mr Cassar reflected on the strides made since the grey list designation was lifted, as well as the areas that still require attention and improvement, on a national level.
In this regard, Mr Cassar reflected on the use of cash and cash-based businesses in connection with immovable property transactions, the role of companies that lack a genuine economic activity, international payment flows with high-risk jurisdictions – compounded by an ever-growing list of sanctions, and the zero tolerance of correspondent banks – and also the exploitation of low-paid labour as well as human trafficking.
The conference was also addressed by the Director of the Financial Intelligence Analysis Unit (FIAU), Alfred Zammit, who emphasized the evolving landscape of financial crime prevention. Highlighting a shift in the dynamics of reporting, Mr Zammit noted that while banks have traditionally been consistently at the forefront of flagging suspicious activities, companies in the gaming and virtual asset sectors have recently significantly improved their contribution in this regard. Despite this change, banks continue to play a crucial role in the ecosystem of financial crime prevention. The director underscored the fact that, regardless of the industry, banks are often involved at some point in the chain of financial transactions, reinforcing their central role in efforts to combat money laundering and other financial crimes.
The conference brought together an impressive array of both international and local expert speakers, hailing from a wide spectrum of professional backgrounds. Providing a comprehensive overview of current issues and strategies in financial crime prevention, it proved to be an invaluable forum for banking professionals, compliance officers, legal advisors, policymakers, and other professionals engaged in financial crime compliance. Attendees benefited from the opportunity to engage with leading experts, gaining insights that are crucial for navigating the complexities of financial crime in their respective fields.
Other speakers included Dagmar Kolb (BNY Mellon), Erik Barnett (HSBC Bank plc), Edward Attard (PwC), Clara Galdies (FIAU), Rob Rickards (Fisgard AML), Joette Sciortino (EY Malta), Julian Grima (EY Malta), Alex Konewko (ARQ), Tim Tyler (ICA), Pauline Saliba (NCC), and Aaron Gross (Wise).
The conference was sponsored by BNY Mellon, Bank of Valletta p.l.c., HSBC Bank p.l.c., International Compliance Association (ICA) and Sparkasse Bank Malta p.l.c.
