Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Monday, May 17, 2021

Malta: Lawyers remain laggards in adopting money laundering risk assessment tools

Malta: Lawyers remain laggards in adopting money laundering risk assessment tools

Only 57% of lawyers had a business risk assessment (BRA) in place last year, placing them last in a list of sectors that includes credit institutions, gaming companies, trust services providers, notaries and accountants.
Lawyers remained laggards in a league table of sectors obliged to have a business risk assessment, a review by the Financial Intelligence Analysis Unit shows.

Only 57% of lawyers had a business risk assessment (BRA) in place last year, placing them last in a list of sectors that includes credit institutions, gaming companies, trust services providers, notaries and accountants.

However, the FIAU’s drive to achieve more compliance from subject persons has left its mark since in 2019, only 44% of lawyers had a BRA in place.
Newsletter

Quote of the Day

In the late 1930s, the Federal Reserve Board refused to admit it was a government institution. So Patman convinced the District of Columbia’s government to threaten foreclosure of all Federal Reserve Board property; the Board quickly produced evidence that it was indeed part of the federal government.

Matt Stoller
Related Articles

Hong Kong News
×