On 7 May 2020 the European Commission published a Communication on an Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing.
G M Corporate and Fiduciary Services Limited
On 18 September 2020 the Financial Intelligence Analysis Unit (the "FIAU") published a revised version of the Implementing Procedures – Part II
Act I of 2020 was published on 7th February to amend the Prevention of Money Laundering Act (CAP. 373) (‘PMLA').
Earlier this week the FIAU issued Implementing Procedures applicable to the Virtual Financial Assets (VFA) sector.
The mechanism being set up is one of the requirements introduced by the 5th anti-money laundering Directive (EU 2018/ 843).
This mechanism to file STRs casts doubts on fulfilment of the obligation to do so "promptly" in line with the FATF Recommendations."
In the case of subject persons, the five (5) day working period has been, for many years, synonymous with the time frame within which suspicious transactions...
On the 18th of September 2020, the Malta Financial Services Authority issued a Guidance Note on the submissions of source of wealth and source of funds.
In this fourth article in this series, we will be looking at the principles behind a customer risk assessment and certain key considerations to be borne in mind when developing a robust customer risk
Gauci-Maistre Xynou Legal |Assurance
On 18 September 2020 the Financial Intelligence Analysis Unit (the "FIAU") published a revised version of the Implementing Procedures...
Camilleri Preziosi Advocates
On the 15th September 2020, the FIAU issued a revised version of Part I of the Implementing Procedures. The amendments primarily concern one of the main issues highlighted in Malta's Mutual Evaluation
Risk assessments are a valuable tool used by the board of directors in order to structure operational units in the most appropriate and efficient manner.
On the 3rd of July, Mr Alex Muscat, Parliamentary Secretary for Citizenship and Communities, confirmed that from September 2020 onwards, a new programme will be in place once new regulations take over.
Mamo TCV Advocates
On 26 August 2020, the Malta Financial Intelligence Analysis Unit (FIAU) published its 'Interpretative Note: Relevant Activity for Lawyers' (the Interpretative Note)...
Mamo TCV Advocates
On 19 August, 2020 the EBA published its response to the European Commission's Action Plan for a comprehensive Union policy
The European Banking Authority (EBA) and European Securities and Markets Authority (ESMA) have launched a consultation to review
Rahman Ravelli Solicitors
Syedur Rahman of financial crime specialists Rahman Ravelli considers the possible reasons for this.
On 29 April 2020, the Office of the Ombudsman of the Republic of Latvia submitted a query to the European Ombudsman regarding the right to access basic banking services,...
It is highly important to point out that according to the Prevention of Money Laundering and Funding of Terrorism Regulations, all Subject Persons are required to appoint an MLRO.
Harmonisation, transparency and the on-going fight against money laundering offences stems from the efforts to eradicate any loopholes of interpretation to mitigate episodes of money laundering across Member States.