Financial Intelligence Analysis Unit
{{Short description|Maltese intelligence agency}}
{{Use mdy dates|date=January 2023}}
{{Infobox government agency
| name = Financial Intelligence Analysis Unit
| native_name_a = Analiżi ta' intelliġenza finanzjarja
| logo = Financial_Intelligence_Analysis_Unit_logo.png
| logo_size = 150px
| formed = {{Start date|2002|10|1}}
| preceding1 =
| jurisdiction = Malta
| headquarters = Financial Intelligence Unit, 65C, Tower Road, Birkirkara, BKR 4012
| employees = 136{{cite news |title=FIAU Malta |url=https://fiaumalta.org/ |access-date=December 31, 2022 |language=en}}
| budget = €11.5 million
| website = {{URL|fiaumalta.org}}
}}
The Financial Intelligence Analysis Unit (FIAU) is the national central agency in Malta responsible for receiving, analyzing, and disseminating financial intelligence to combat money laundering and terrorism financing.{{cite news |title=FIAU clarifies its functions and powers on tackling money laundering |url=https://www.independent.com.mt/articles/2017-04-29/local-news/FIAU-clarifies-its-functions-and-powers-on-tackling-money-laundering-6736173665 |access-date=December 31, 2022 |work=The Malta Independent }}{{cite news |title=Commission requests Maltese anti-money laundering watchdog to step up supervision of banks |url=https://ec.europa.eu/commission/presscorner/detail/en/IP_18_6303 |access-date=January 1, 2023 |work=European Commission |language=en}} It was founded on October 1, 2002. The FIAU is an independent government agency. It operates as the national financial intelligence unit (FIU) in compliance with international standards and frameworks.
Powers and functions
The FIAU collects financial intelligence and passes it on to the police, who can then carry out criminal investigations or arrest/prosecute any person. The FIAU also exchanges information with foreign financial intelligence agencies and supervisory authorities in Malta or overseas to investigate suspicious financial activities.
As an administrative intelligence agency, FIAU can demand and collect information from any individual, authority, or entity, including the police, government ministry, public department/agency, and any supervisory authority. Such a demand for information "overrides any obligation of secrecy or confidentiality under any other law."
FIAU operates independently and its activities are not disclosed on the public domain.
Activities
In 2022, FIAU organized its first international conference of bank account register administrators and other specialists from 21 European countries, which was endorsed by the European Commission.{{cite news |title=FIAU brings 21 countries together in first-ever bank account register conference |url=https://www.maltatoday.com.mt/announcements/announcements/119731/fiau_brings_21_countries_together_in_firstever_bank_account_register_conference#.Y6-JGn1BzIW |access-date=December 31, 2022 |work=Malta Today |language=en}}
Notable cases and controversies
According to its 2019 annual report, the FIAU forwarded 61 cases of money laundering to the police for investigation. In addition, it received more than 2,500 suspicious transaction reports from banks, legal professionals, casinos, gaming companies and real estate agencies, up by 65% from the previous year.{{cite news |title=FIAU flagged 61 cases of suspected money laundering to the police |url=https://www.maltatoday.com.mt/news/national/102995/fiau_flagged_61_cases_of_suspected_money_laundering_to_the_police_#.Y6-Eqn1BzIV |access-date=December 31, 2022 |work=Malta Today |language=en}}
The Financial Intelligence Analysis Unit operates opposite Malta's financial entities. One of its primary responsibilities is enforcing Anti-Money Laundering (AML) legislation. Over the years, the FIAU expanded the criteria for violations under said legislation, leading to increased administrative penalties. Administrative penalties in 2021 increased to €12.4 million from €4.7 million in 2020,{{cite news |last1=Cordina |first1=John Paul |title=Fines issued by FIAU more than double in 2021 |url=https://newsbook.com.mt/en/fines-issued-by-fiau-more-than-double-in-2021/ |access-date=31 January 2023 |work=Newsbook |date=21 June 2022}} creating speculations among experts in the financial sector that FIAU is enjoying the "moral authority to impose fines."{{cite news |title=Can the FIAU be challenged? |url=http://www.mifsudadvocates.com.mt/fiau-challenge |access-date=31 January 2023 |work=Mifsud and Mifsud Advocates}}{{cite news |title=FIAU issued fines totalling €12.4 million in 2021, notes courts overruling penalties |url=https://www.independent.com.mt/articles/2022-06-21/local-news/FIAU-issued-fines-totalling-12-4-million-in-2021-notes-courts-overruling-penalties-6736243890 |access-date=31 January 2023 |work=The Malta Independent}}
The FIAU gained media attention due to its case against Pilatus Bank in 2018. In September 2022, Pilatus Bank owner Ali Sadr Hasheminejad, won his case in front of the International Centre for Settlement of Investment Disputes, which recommended a suspension of all proceedings by Malta against Ali Sadr until it decided on the case,{{cite news |title=International body orders pause to all proceedings against Pilatus' Ali Sadr |url=https://timesofmalta.com/articles/view/international-body-orders-pause-proceedings-pilatus-ali-sadr.981455 |access-date=December 31, 2022 |work=Times of Malta |language=en-gb}} after he claimed that he was wrongfully prosecuted by the Maltese financial authorities.{{cite news |title=Ali Sadr Has A Case Against Malta |url=https://www.econotimes.com/Ali-Sadr-Has-A-Case-Against-Malta-1638901 |access-date=December 31, 2022 |work=EconoTimes |date=August 7, 2022 |language=en}}{{cite news |title=Ali Sadr SLAPPs Malta police, criminal proceedings 'suspended' |url=https://theshiftnews.com/2022/09/17/ali-sadr-slapps-malta-police-criminal-proceedings-suspended/ |access-date=December 31, 2022 |work=The Shift |language=en}}{{cite news |last1=Balzan |first1=Jurgen |title=Former Pilatus Bank owner blocks Malta's legal proceedings against him |url=https://newsbook.com.mt/en/former-pilatus-bank-owner-blocks-maltas-legal-proceedings-against-him/ |access-date=December 31, 2022 |work=Newsbook |date=September 18, 2022}}
See also
References
{{reflist}}
External links
- {{Official website|fiaumalta.org}}
{{National intelligence agencies}}
{{National intelligence agencies in Europe}}
Category:2002 establishments in Malta