Proposals that would streamline EU Member States’ approach to anti-money-laundering and countering terrorism financing will be on the agenda at a two-day conference being organised by the Malta Financial Services Authority (MFSA), in collaboration with its training arm, the Financial Supervisors Academy.

The aim of the EU proposals is to improve the detection of suspicious transactions and activities, and to close loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system.

The conference’s target audience is those who rely on a risk-based approach to anti-money laundering (AML) and combating the financing of terrorism compliance (CFT). It will feature several panel discussions with experts from the two fields, who will discuss the changes being proposed by the European Commission.

The proposed changes to AML and CFT legislation and supervision were outlined by the EU last July, and included four main changes:

  • The establishment of a new EU AML/CFT Authority;
  • Directly-applicable rules, including in the areas of Customer Due Diligence and Beneficial Ownership;
  • A sixth Directive on AML/CFT such as rules on national supervisors and Financial Intelligence Units in Member States;
  • A revision of the 2015 Regulation on Transfers of Funds to trace transfers of crypto-assets

The conference is being co-funded through the Hercule III programme administered by the European Commission’s anti-fraud office, OLAF, in line with one of its operational objectives to “increase the protection of the financial interests of the Union against fraud, facilitating the exchange of information, experience and best practices, including staff exchanges”.

This exchange of information will be achieved through the involvement of speakers from the national supervisory authorities of five different EU member states (Malta, France, Ireland, Italy, and the Netherlands) and representatives from EU institutions such as the Commission and OLAF.

The conference is being held between 30th November and
1st December at the Intercontinental Hotel in St Julian’s. Guests can also attend remotely.

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