The 2023 Malta National Risk Assessment
The 2023 Malta National Risk Assessment
The 2023 NRA reveals several noteworthy findings that reflect Malta's proactive approach to mitigating ML, TF, PF, and TFS risks. One of the significant achievements is the reduction in sectorial residual risks across various industries, signalling an overall decrease in the national risk exposure to ML/FT. Significant changes include:
- Remote Gaming Sector: Residual risk lowered from High Risk to Medium Risk.
- Banking and Investment Sectors: Residual risk lowered from Medium-High Risk to Medium Risk.
- Insurance Sector: Residual risk lowered from Medium Risk to Medium Low Risk.
- CSP sector: Residual risk lowered from High Risk to Medium High Risk.
- Accountants and Auditors: Residual risk lowered from Medium High Risk to Medium Risk.
- Lawyers: Residual risk lowered from High Risk to Medium Risk.
It was also observed that the 2023 NRA incorporates new risk areas, these include:
- Recognition notice framework: Medium High Risk
- Tax Advisors: Medium High Risk
- High Value Goods: Medium High Risk
- Citizenship and residency by investment schemes: Medium Risk
- Proliferation Financing and Targeted Financial Sanctions related risks: Medium Risk
The 2023 National Risk Assessment solidifies Malta's dedication to strengthening its financial system against the evolving landscape of financial crimes. With its expanded scope and collaborative approach, Malta sets a benchmark for proactive risk management, reinforcing its position as a key player in the global fight against illicit financial activities.