VALLETTE, Nov. 8 (Xinhua) -- Malta's anti-money laundering watchdog, the Financial Intelligence Analysis Unit (FIAU), said Thursday that it remained "deeply committed" to ensuring that the country's financial and other sectors were protected from the growing threats of money laundering and financial crime.
This came after the European Commission (EC) adopted an opinion requiring FIAU to take additional measures to fully comply with its obligations under the European Union's (EU) fourth Anti-Money Laundering Directive.
In July 2017, the European Banking Authority (EBA) concluded that Malta's FIAU was breaching EU law by failing to correctly supervise financial institutions and ensure their compliance with anti-money laundering rules.
Since then, the FIAU has implemented measures to address its operational shortcomings, and communicated its next steps to the EBA and the EC.
On Thursday, the EC adopted a formal opinion on the basis of the EBA regulation, calling on the FIAU to take additional measures to effectively supervise financial institutions, together with an effective sanctioning regime.
The FIAU said it would respond to the Commission within the time period provided, adding that it had already taken steps to strengthen the effectiveness of its supervision activities. It also said it would cooperate fully with the Commission and the EBA.
