Malta FIAU Annual Report 2024

A Deeper Look into Malta FIAU’s 2024 Key Facts, Figures & Achievements

The Financial Intelligence Analysis Unit (FIAU) of Malta, in its Annual Report for 2024, presents a compelling snapshot of the nation’s evolving anti-money laundering (AML) and counter-financing of terrorism (CFT) landscape. Under Section 4.1: Key Facts, Figures & Achievements, the FIAU showcases a year defined by data-driven intelligence, compliance enforcement, strategic oversight, and increasing international integration. This article dissects the section from an AML lens to explore the Unit’s operational trends, sector-specific challenges, and forward-looking strategies.

Rising Suspicion, Refined Detection: Suspicious Transaction Reports (STRs)

In 2024, the FIAU received 9,430 reports, a 3% year-on-year increase. These encompassed:

• Over 18,000 natural persons
• Just over 7,000 legal entities

This increase, though more gradual than in previous years, underscores a maturing culture of risk-based reporting, where quality and complexity are improving. The report attributes this moderation in growth to enhanced guidance and outreach, which has yielded a more consistent flow of STRs, reducing noise and improving targeting.

One striking figure is the 80% increase in reporting from the real estate sector, suggesting a growing awareness or exposure in that domain. The Virtual Financial Assets (VFA) sector also surged, now contributing 1,751 STRs, up from 1,476 in 2023.

Meanwhile, remote gaming companies, traditionally the largest STR reporters, showed a dip from 4,205 in 2023 to 3,670 in 2024, signaling either stabilizing controls or a sectoral shift in risk exposure.

Strategic Intelligence: The Role of FINREP

The FIAU highlighted greater involvement in FINREP (Financial Reporting Standards) initiatives. These efforts support:

• Identification of underreporting trends
• Sector-specific risk assessments
• Tailored outreach programs

Such data-driven evaluations are increasingly critical in shaping future AML interventions and ensuring the Unit’s analytical priorities align with both domestic vulnerabilities and foreign expectations.

Intelligence Dissemination: Precision Over Volume

Although total disseminations decreased, this reflects a deliberate shift toward more risk-based targeting and resource prioritization. Enhancements in analytics have enabled the FIAU to focus on high-impact intelligence, resulting in more meaningful collaboration with foreign FIUs. This aligns with the goals of the FIAU Strategy 2023–2026 to ensure that disseminations are effective, actionable, and aligned with the evolving global AML threat matrix.

A Snapshot of Sectoral Reporting – Top Contributors in 2024

The data illustrates how newer sectors like Virtual Assets and Electronic Money continue to command attention, while traditional sectors like auditing and credit institutions maintain a steady, if slightly reduced, presence. This trend reflects broader global shifts as financial technologies outpace legacy frameworks in both scale and complexity.

Legal Entities and Jurisdictional Spread

Two datasets stand out:

1. Country of Origin of Legal Persons (for whom STRs were received):
   • USA: 14.43%
   • Malta: 11.17%
   • Finland, Canada, Brazil: Each over 2%
2. Incorporation of Involved Legal Entities:
   • Predominantly offshore jurisdictions like British Virgin Islands, Jersey, and Guernsey
   • Cyprus and the UK also appeared frequently

These distributions underscore the transnational character of illicit financial flows and the ongoing reliance on offshore financial centres. The data helps inform Malta’s broader strategy for cross-border intelligence sharing, especially in line with FATF and EU directives.

Growth in FIAU-Generated Reports

In 2024, 489 reports were generated internally by the FIAU, nearly double the 259 generated in 2023. This surge was driven in part by spontaneous disclosures from foreign FIUs, reflecting both the FIAU’s increasing global interconnectedness and its growing internal analytical capabilities.

Strategic Alignment with FIAU’s Pillars

The report confirms that these activities fall under Pillars 1–4 of the FIAU Strategy 2023–2026:

1. Effective & Proportionate AML/CFT Measures
2. Generating & Disseminating Useful Financial Intelligence
3. Effective International Engagement
4. A Risk-Focused FIAU

The metrics and strategies demonstrate clear alignment, with efforts toward quality over quantity, enhanced cross-border collaboration, and a tailored sectoral approach.

Conclusion: FIAU’s Evolving Role in a Shifting AML Terrain

The 2024 Key Facts, Figures & Achievements section of the Malta FIAU’s Annual Report reflects a unit that is data-intelligent, strategically oriented, and increasingly embedded in global AML networks. While challenges persist—especially with emerging technologies and evolving criminal typologies—the FIAU’s performance shows a commitment to adapt, innovate, and enforce effectively.

As Malta prepares to integrate more closely with the forthcoming European Anti-Money Laundering Authority (AMLA), this report underscores the island nation’s efforts to elevate AML compliance, intelligence sharing, and sectoral supervision to international best standards.