[Risolto] WPML setup cannot be finished and media files are not translated

Background of the issue:
I am trying to finish the WPML setup to translate all media files and metadata. I have activated 'Translate as you go'.

Symptoms:
When I click 'The WPML Media Translation setup is almost complete. Click here to finish the setup.', it takes me to the media translation screen without any additional information. I have tried deactivating all plugins, but the problem persists.

Questions:
Why does clicking the setup completion link not provide additional information?
How can I complete the WPML Media Translation setup?