Malta’s Financial Services Authority (MFSA) has announced further cooperation with the Maltese Financial Intelligence Analysis Unit (FIAU). The announcement on March 26, 2014, follows the signing last month of a Memorandum of Understanding (MoU) between the banking and financial services regulator, and the island’s money laundering watchdog.
The signing of this additional MoU provides the FIAU greater powers in respect of on-site inspections of regulated entities, as well as the rendering of assistance and exchange of information with the MFSA. Since the MFSA and the FIAU have essentially different mandates, this recent announcement serves to strengthen safeguards and cooperation between regulatory bodies in Malta.
