Indicators of Tax-Related ML
Tax evasion is one of the areas which led to Malta being grey listed in June 2021 by the FATF.
FIAU: Guidance note on submitting tax related suspicious reports
The FIAU has recently published a guidance note on submitting tax related suspicious reports.
The guidance note includes a detailed description of the report options, and a list of red flags and scenarios that might guide subject persons to unearth tax related crimes.
Business risk assessment (BRA)
The Business Risk Assessment (BRA) allows the subject person to ensure that the current business model is in line with its risk appetite. In order to be effective, it must be drawn up using reliable quantitative and qualitative data and be regularly revised.
AML frameworks
A robust AML framework is an essential element that subject persons must implement to protect their operations from being used by criminals.
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Alan Craig Advisory Partner Birkirkara
