FIAU, Malta Business Registry sign agreement to enhance cooperation, exchange of information

The Financial Intelligence Analyses Unit (FIAU) and the Malta Business Registry (MBR) on Monday signed an agreement which will see the entities share information and cooperate on investigations surrounding the ultimate beneficial ownership of financial structures.

The move is understood to address shortcomings in this regard highlighted by the Financial Action Task Force (FATF) when it greylisted Malta earlier this year.

The agreement, a Memorandum of Understanding, was signed between MBR registrar and chief executive, Joseph Farrugia, and FIAU director, Kenneth Farrugia.

Releasing a joint statement on the matter, the two organisations said, “this will further strengthen the mechanisms by which both entities detect and take measures promptly concerning any possible issues of non-compliance preventing Maltese legal entities from being used for criminal purposes, including money laundering and the funding of terrorism”.

The agreement facilitates stronger cooperation for how the two state authorities are able to supervise, identify and verify beneficial owners of commercial outfits. It also provides for professional service providers, in their capacity as subject persons, added assistance in corroborating information obtained through their customer due diligence process.