Financial Integrity Forum puts spotlight on public-private information-sharing
The MFSA has partnered with the United States Embassy in Malta to host a forum on financial integrity which focused on public-private information-sharing.
The Financial Integrity Forum, now in its second iteration, was held in late September, and saw major financial institutions, leaders in the private sector and key government financial regulators discuss how the sharing of financial intelligence can help in the fight against financial crimes.
When sharing financial intelligence, institutions, supervisory entities and law enforcement agencies can make better use of their resources. This can lead to the better definition of business models used to fight financial crime, money laundering and terrorist financing. Ultimately, this will also make for an improved regulatory environment where businesses can operate more effectively.
The Forum saw various speakers from the public and private sectors sharing their experiences and best practices on how public-private partnerships can aid in combatting financial crime, with one of the highlights of the event being a contribution by FBI Special Agent Robert Hanratty, who spoke of the investigative techniques used to bring money laundering cases to justice.
Hanratty focused on a real-life case, prosecuted by the FBI Office of Organised Crime, in which the sharing of information between the public and private sectors led to a successful conclusion.
MFSA CEO Joseph Cuschieri spoke of the importance of international co-operation in the fight against financial crime, which would otherwise risk threatening the integrity of the financial system, as well as denting public confidence and harming a country’s reputation, economy and national security.
Mark A. Shapiro, the US Chargé d’Affaires, supported Cuschieri’s views, saying the US would “continue to strengthen [its] collaboration with Malta on countering transnational financial threats and confront economic crime, money laundering and terrorism financing that threaten to jeopardise our common values and shared vision.”
The event was also addressed by Finance Minister Edward Scicluna and Parliamentary Secretary Silvio Schembri, who underlined the importance for those working in the finance field to report suspicious transactions to the authorities, whilst highlighting the government’s plans to set up a dedicated financial crime agency.
