‘Protecting people is at the heart of what we do’: FIAU Director reflects on a year of enforcement, innovation, and collaboration

In a year marked by complex challenges and intensifying regulatory demands, Malta’s Financial Intelligence Analysis Unit (FIAU) has doubled down on its commitment to fight financial crime through enforcement, innovation, and strategic collaboration.

In the FIAU’s 2024 Annual Report, Director Alfred Zammit offers a candid and comprehensive overview of how the organisation navigated an increasingly sophisticated threat landscape while strengthening its international reputation.

“Behind every statistic in this report is the hard work carried out by a motivated team whose goal is to make our country better,” Mr Zammit notes.

This human-first approach is at the heart of the FIAU’s operations. In 2024, the Unit published targeted analyses and guidance documents focusing on high-risk sectors, including massage parlours and human exploitation. These initiatives reflect a shift towards more proactive, intelligence-led interventions, designed not only to identify risks but to address the systemic vulnerabilities that allow financial crime to thrive.

A strategic year of reform and reinforcement

The past year was also significant for the implementation of the FIAU’s 2023–2026 strategy, which has prioritised operational efficiency, risk-based supervision, and smarter data use. “We demonstrated our commitment to Malta’s financial integrity not only through our intelligence, supervisory, enforcement and outreach work, but also through accomplishments that have enhanced our reputation,” Mr Zammit said.

This included improvements to internal operations, a renewed focus on enforcement procedures, and major investments in both human resources and technology. The FIAU expanded its headcount to 175 officers and continued to offer professional development opportunities through training, overseas conferences, and local knowledge-sharing.

Key legal victories and fairer enforcement

A notable turning point in 2024 came with two Constitutional Court rulings that reaffirmed the FIAU’s legal authority to impose administrative penalties—a development Mr Zammit described as crucial for maintaining effective oversight.

“These decisions allow us to continue carrying out our enforcement work effectively, under a sound legal framework,” he said. “Still, we took the opportunity to review our enforcement procedures, ensuring not only that they are dissuasive and proportionate, but also fair and transparent.”

This internal review process is ongoing and is expected to lead to legislative amendments in the near future.

Global visibility and strategic influence

International collaboration also featured prominently in the FIAU’s 2024 activities. The Unit hosted more than 400 delegates during the Egmont Group Working and Regional Group Meetings in January and led a landmark conference on AML/CFT enforcement in June. These events bolstered Malta’s visibility as a serious player on the international anti-money laundering stage.

Mr Zammit’s own appointment as Regional Representative for the Europe I Regional Group of the Egmont Group also marks a personal and national milestone.

A future-focused agenda

Looking ahead to 2025, Mr Zammit emphasised the Unit’s ongoing investment in automation and data analytics to improve risk management and efficiency. The FIAU also remains heavily engaged with European regulators in preparation for the new AML Authority (AMLA), ensuring local compliance and readiness for the changes ahead.

“Innovation, adaptability and international cooperation remain our most powerful tools,” he said. “Every action we take ultimately contributes to the broader societal goal of preventing crime.”

In his closing remarks, Mr Zammit expressed deep appreciation for the FIAU team, Malta’s subject persons, and international partners.