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ARTICLE · 10 AUGUST 2022

Doing Business..2022: Trends & Developments

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Anyone who has tried to open a new bank account, buy or sell a property, or invest assets with a firm is now familiar with the term "anti-money laundering", which is a catch-all phrase that to most of us only means filling in forms ...

MaltaGovernment, Public Sector
Davinia Cutajar
Davinia Cutajar
Joseph F. Borg
Joseph F. Borg
Kelly Fenech
Kelly Fenech
Galyna Podoprikhina
Galyna Podoprikhina
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Anti-Money Laundering, Funding of Terrorism and Virtual Financial Assets Regulations in Malta

Money laundering and terrorist financing

Anyone who has tried to open a new bank account, buy or sell a property, or invest assets with a firm is now familiar with the term "anti-money laundering", which is a catch-all phrase that to most of us only means filling in forms and providing documentation, but in fact is a set of laws which are intended to keep the world we live in safe from terrorists and our economies stable.

Allowing money laundering to flourish effectively means supporting terrorism, drugs and violence in our neighbourhoods. Businesses set up with the intent of cleaning dirty money have no qualms about undercutting their prices as long as they appear legitimate, while causing distress to genuine entrepreneurs. Such activities also often involve a degree of tax evasion, thereby denying the government financial resources which could otherwise be invested in

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