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ARTICLE · 17 SEPTEMBER 2020

Financial Intelligence Analysis Unit ("FIAU") Publishes Revised Version Of The Implementing Procedures – Part I

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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

MaltaGovernment, Public Sector
Diane Bugeja
Diane Bugeja
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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 Report namely that the timeframe for subject persons to submit Suspicious Transaction Reports ("STRs") to the FIAU did not provide for the prompt submission of such reports.  In light of this, amendments were recently carried out to Regulation 15(3) of the Prevention of Money Laundering and Funding of Terrorism Regulations ("PMLFTR") with a requirement for such STRs to be submitted to the FIAU "promptly." Such amendments therefore merited a revision of Chapter 5 of the Implementing Procedures in order to set out the methods in which subject persons are to ensure that reporting takes place in a prompt manner.

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