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ARTICLE · 07 OCTOBER 2020

Amendments To The PMLFTR

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This mechanism to file STRs casts doubts on fulfilment of the obligation to do so "promptly" in line with the FATF Recommendations."

MaltaGovernment, Public Sector

Amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations were introduced on 22 May 2020 to address some of the recommendations of the MONEYVAL Fifth Round Mutual Evaluation Report issued in July 2019 (hereafter 'Report').   The main changes concern the deadlines for submitting Suspicious Transactions Report (STR) and the responsibility of certain officers and employees regarding money laundering and terrorist financing.

The deadline for submission of an STR in a case of knowledge, suspicion, reasonable ground of suspicion or attempt of money laundering or terrorist financing is reduced from five working days to "promptly". The new rule is in line with Recommendation 20 of the Report which stated, "the disclosure has to be made as soon as it is reasonably practicable, but not later than five working days from when the knowledge or suspicion first arose. This mechanism to file STRs casts doubts on fulfilment of the obligation to do so

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