Three-fold increase in assets frozen by the ARB
A three-fold increase in the amount of frozen assets acquired through criminal means has been registered in 2020, with the overall value exceeding €16 million. This figure was divulged in the annual report of the Asset Recovery Bureau – an autonomous public entity whose main functions is to trace, freeze and dispose of assets derived from illicit activity. Established in 2018, the ARB is a major tool in Malta’s fight against serious crime such as money laundering, drug trafficking and fraud.
In its annual report, the ARB said that in 2020 €16.3 million worth of assets were seized from 68 different cases. The amount marks a very significant rise when compared to the first two years of operations. In 2018, the ARB froze €3.5 million of assets, followed by €5.9 million in 2019.
In 2020 the Asset Management Team within the ARB introduced onsite inspections and the engagement of various experts to assist with the identification and valuation
of assets traced., Such assets vary in nature from small high value assets such as jewellery and expensive watches to high value assets such as works of art, electronic equipment and even livestock. In order to valuate such assets, the asset management team established a multi-disciplinary pool of experts to valuate such assets. Throughout 2020, such services were utilised on a number of occasions and results were presented in the Asset Inventory and submitted to the Court.
The disposal technique was also put into practice for the first time in 2020. The asset management unit assisted the Court Agency for the disposal of assets confiscated before 2018. Most of them were road vehicles impounded at the Police Compound whose worth was established by certified motor surveyors. Other assets were preserved and pending disposal through either sale by tender or public auctions.
Furthermore, the asset management team is responsible for the management of the current ARB Compound and is also involved in the construction of a state-of-the-art Asset Management Compound situated in Hal-Far. In April 2020, the commencement of the project occurred with the engagement of an Architect for the Design and Build of the ARB Asset Recovery Facility. The designs of this facility had been concluded by the end of the year 2020.
Meanwhile, the ARB stepped up efforts to increase cooperation with other national competent authorities. As a matter of fact in 2020 the total number of requests received rose to an all-time high of 41 while the request sent stood at 15. Poland and the Netherlands topped the list of countries from which most requests were received, while Spain and Italy topped the list of countries to whom requests were sent.
A closer look at the statistical data published by the ARB shows that in 2020 66 freezing orders were published, which was a slight decrease on 2019 when the respective figure stood at 71. The predominant offences linked to freezing orders issued in 2020 were drug related (33 cases), followed by money laundering (13) and fraud (8). Males accounted to three fourths of the persons under investigation, while foreigners represented a fourth of those investigated. Moreover, 33 of the 84 persons investigated were between 30 and 39 years old, followed by the 19-29 years cohort with 21 persons, 40-49 years old (20) and those over 50 years who totalled 11.
During the period under review a free online search engine has been introduced enabling the general public to search all the published Court Orders, thus, allowing for more due diligence and compliance against any ill intents. This online database can be accessed through the following link: https://assetrecovery.mt/en/Pages/Court-Orders.aspx