Bill Implementing 4th Anti Money Laundering Directive Submitted To Maltese Parliament

Like the majority of EU countries, Malta missed the previously set 26th June deadline to implement the 4th Anti Money Laundering Directive (EU) No. 2015/849 (the "Directive"). However today the parliamentary bill implementing its provisions has been submitted to the Maltese parliament to undergo the legislative process.

In its widest interpretation, the Directive has taken a risk based approach and has implemented a number of regulations which is tasked with dealing with the principle of risk analysis and having the relevant subject persons implement the corresponding adequate safeguards. The Directive, inter alia, imposes stricter client controls on banks and other financial intermediaries, obliges financial intermediaries to carry out ongoing risk assessments of their customers in a bid to combat money laundering and broadens the definition of a politically exposed person, meaning that more people will be subjected to stricter checks.