Co-authored with Patrick Young.
This is a time of unprecedented reputational risk in financial
markets. From a relatively niche activity, anti-money laundering
has become a massive focal point throughout the financial system.
Malta is not alone in facing the issues of how to deal with AML and
the process of Knowing Your Client, albeit often the lens appears
acutely focused on our islands.
Every stakeholder must deal with the issues directly,
coherently... and indeed cost-effectively. Malta has found itself
often in the eye of the storm – as a small nation it is an
easy target for accusations from those concerned about standards.
Hypocritical to the point of ignoring the planks in their own eyes
and sometimes disregarding the very obvious comparatives which
dwarf what is or may be happening in Malta, that doesn't reduce
the need for Malta to demonstrate high standards ensuring probity
of money origins, client-funding and the transfer of assets.
