Anti-Money Laundering
The rapid evolution of threats by criminals and terrorists both at national and international level has led to the establishment of various legal provisions which are specifically intended to prevent and combat money laundering and terrorist financing.
The Laws of Malta encompass:
The Prevention of Money Laundering Act (PMLA), Chapter 373 of the Laws of Malta
The Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) SL 373.01
Criminal Code, Chapter 9 of the Laws of Malta notably Subtitle IV Article 328A to 328M
National Coordinating Committee on Combating Money Laundering and Funding of Terrorism Regulations SL 373.02
Centralised Bank Account Register Regulations SL 373.03
Use of Cash (Restriction) Regulations SL 373.04
The EU Commission provides international and global standards on the prevention of money laundering at EU level through the Financial Action Task Force (FATF) Recommendations.
The EU Legislation entails EU Member States to present and initiate measures which require various legal persons to cater for and take appropriate action as to avoid a scenario where such legal persons are used for the purposes of money laundering or terrorist financing.
In June 2015, there was the publication of the Fourth Anti-Money Laundering Directive and the Revised Transfer Regulation which became applicable from 26 June 2017. In May 2018, the Fifth Anti-Money Laundering Directive was published and became applicable as from 20 June 2018. In 12th November 2018, the Sixth Anti-Money Laundering Directive was published and became applicable as from 3rd December 2020 and must be implemented by all member states by 3 June 2021. These Directives can be accessed through the following hyperlinks:
Fourth Anti-Money Laundering Directive (EU) 2015/849
Fifth Anti-Money Laundering Directive (EU) 2018/843
Sixth Anti-Money Laundering Directive (EU) 2018/1673