British Virgin Islands

Thursday, May 06, 2021

Malta: Lawyers remain laggards in adopting money laundering risk assessment tools

Malta: Lawyers remain laggards in adopting money laundering risk assessment tools

Only 57% of lawyers had a business risk assessment (BRA) in place last year, placing them last in a list of sectors that includes credit institutions, gaming companies, trust services providers, notaries and accountants.
Lawyers remained laggards in a league table of sectors obliged to have a business risk assessment, a review by the Financial Intelligence Analysis Unit shows.

Only 57% of lawyers had a business risk assessment (BRA) in place last year, placing them last in a list of sectors that includes credit institutions, gaming companies, trust services providers, notaries and accountants.

However, the FIAU’s drive to achieve more compliance from subject persons has left its mark since in 2019, only 44% of lawyers had a BRA in place.
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