Saturday 04 April 2020

Successful ifs Malta seminar looks beyond 5th Anti-Money Laundering Directive

The Institute of Financial Services (ifs Malta) recently teamed up with Dr Diane Bugeja from Camilleri Preziosi Advocates to organise a very successful seminar on the latest legal developments in relation to the 5th Anti-Money Laundering (AML) Directive. 

The well attended event addressed the management of prevention of money laundering and related risks by bringing together practitioners from across various sectors to interact with experts and discuss topical issues. 

In her presentation, Dr Bugeja provided insight into what is required to have a proper compliance culture to embrace and implement the expected standards to manage financial crime risk and address issues highlighted by the Moneyval report. This was followed by a session from Dr Mariella Grech from the Sanctions Monitoring Board, who shared practical experiences and expectations from a sanctions perspective. 

The Seminar proceeded with an interesting panel discussion moderated by Dr Bugeja which included subject matter experts, Dr Mariella Grech and Mr Neville Aquilina from the Sanctions Monitoring Board, Ms Claudia Callus representing FIAU, Mr Martin Scerri from the BOV sanctions team and Dr Charles Cassar representing his firm, Shoulder Compliance. The informative and interactive session facilitated the sharing of best practice in practical situations and provided a better understanding of what is required to work better and improve business reputation. 

ifs President Kenneth B. Micallef remarked that this event, together with other recent related seminars and the plethora of qualifications offered by the Institute, are all intended to contribute towards the upskilling of Malta’s financial services practioners, enabling them to become into a better position to implement good governance standards in the area of financial crime compliance.

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