Malta’s crypto asset plan means greater money laundering risks, IMF warns
Authorities must rapidly improve AML regime and guarantee FSA’s independence, mission says
Malta’s drive to become a crypto asset hub will increase the chances its financial system is used for money-laundering, an International Monetary Fund mission warned.
The IMF mission also warned that Malta’s financial authorities need to make rapid progress with planned anti-money laundering reforms. The Maltese government pledged to make the reforms in 2018 after local authorities’ handling of money-laundering sparked a formal inquiry by the European Banking Authority (EBA).
Malta’s ruling
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