PN wants anti-money laundering law changes to go further in bid to strengthen transparency

The Nationalist Party agrees with changes to the Anti-Money Laundering Act proposed by government, allowing the police and tax commissioners to self-nominate their representatives on the FIAU.

Existing legislation gives the Finance Minister the power to appoint the police and tax representatives from a list put forward by the two entities. Through the proposed changes, which are currently before parliament, the minister will divest himself from such power.

However, the PN wants the changes to go further in a bid to strengthen transparency in the way the board of the Financial Intelligence Analysis Unit, the anti-money laundering watchdog, is nominated.

PN justice spokesperson Karol Aquilina and finance spokesperson Jerome Caruana Cilia said on Monday they will put forward amendments that will require the finance minister to table in parliament the list of names proposed by three other entities.

Presently, the Central Bank of Malta, the Malta Financial Services Authority and the Malta Gaming Authority each give the minister a list of three names from which he chooses the FIAU board members.

“Good governance requires full transparency in the choice of people to serve in important institutions like the FIAU,” the PN spokespersons said, adding it would also strengthen accountability.