FIAU Annual Report 2024: Rising STRs, Strategic Shifts, and Enhanced Financial Crime Analysis
The Financial Intelligence Analysis Unit (FIAU) of Malta has released its 2024 Annual Report, highlighting key trends in suspicious transaction reporting (STR), sectoral contributions, and evolving analytical strategies to combat financial crime.
Increase in Suspicious Reports, Though Growth Slows
In 2024, the FIAU received 9,430 reports—a 3% increase from the previous year. While this continues an upward trend, the growth rate has slowed, suggesting that outreach and guidance initiatives for subject persons (obliged entities) are improving reporting quality and consistency.
Notably:
- Reports involved over 18,000 natural persons and 7,000 legal persons, indicating more complex cases with multiple linked entities.
- The real estate sector saw an 80% surge in reporting, reflecting enhanced scrutiny and compliance efforts.
Top Reporting Sectors: Remote Gaming Still Leads, but VFAs and E-Money Grow
The top sectors submitting STRs in 2024 were:
| Sector | 2024 Reports | Trend |
|---|---|---|
| Remote Gaming Companies | 3,670 | ▼ Down |
| Virtual Financial Assets (VFAs) | 1,751 | ▲ Up |
| Electronic Money Institutions | 1,657 | ▲ Up |
| Credit Institutions | 1,140 | ▼ Down |
| Real Estate Agents | 65 | ▲ Up (80%) |
Key Observations:
- 1. Remote gaming remains the largest contributor, though reports declined by 13% from 2023.
- 2. VFAs and e-money sectors showed significant growth, reflecting Malta’s expanding fintech landscape.
- 3. Real estate agents nearly doubled their reports, likely due to FIAU’s targeted guidance.
Fewer Disseminations, but More Focused Approach
The FIAU refined its risk-based analysis, leading to:
- a. 6,877 disseminations in 2024 (▼ 6.15% from 2023).
- b. Fewer foreign disseminations (▼ 6.82%) but more domestic alerts (▲ 26.41% to the Malta Police Force).
This shift aligns with the FIAU’s 2023-2026 strategy to prioritize high-impact cases and strengthen local law enforcement collaboration.
Top Predicate Offences: Fraud Dominates, Tax Crimes Rise
Of the 9,430 reports:
- 1, 48% involved unknown predicate offences (indicating complex cases).
- 2, Fraud (42%) and tax crimes (15%) were the most identified offences.
- 3. Other notable crimes:
- -Drug trafficking (5%)
- -Sanctions violations (5%)
- -Cybercrime (2%)
Conclusion: A More Strategic, Data-Driven FIAU
The 2024 report underscores:
– Slower but steadier STR growth, suggesting better compliance.
– Increased sectoral engagement, especially in real estate and fintech.
–Sharper analytical focus, with fewer but more impactful disseminations.
As financial crime evolves, the FIAU continues adapting—leveraging intelligence, technology, and cross-border cooperation to safeguard Malta’s financial system.
Read the full report here.
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