Minister under investigation for money laundering says ‘it happens everywhere’

Finance Minister Edward Scicluna has dismissed Malta’s money laundering woes by implying that it was fine because it happened everywhere else as well.

‘Everyone has issues… in London it’s Russians and property,’ Scicluna told London-based newspaper The Telegraph.

“I sometimes joke,” he added, “that we have more regulators these days than practitioners, but still we get a lot of criticism. I do not know of any jurisdiction that can put its hand on its heart and say we don’t have any money laundering here.”

Scicluna provided no figures to back his claim that there are more regulators than practitioners. A report by Moneyval – the Council of Europe’s panel of experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – in fact highlighted the lack of resources allocated to the fight against money laundering only last month.

... read more at: https://theshiftnews.com/2019/08/30/minister-under-investigation-for-money-laundering-says-it-happens-everywhere/

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