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Amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations.

On the 19th June 2024, the EU AML/CFT Legislative Package was published in the EU Official Journal, which includes a set of legislative texts, comprising of two regulations and a directive, proposed by the European Commission to strengthen the EU's framework and its financial system against money laundering and financing of terrorism.

The Financial Action Task Force (also known as the ‘FATF') is the global money laundering and terrorist financing watchdog. The FATF issues ‘Recommendations'...

On the 3rd of December 2020, Directive (EU) 2018/1673 of the European Parliament and of the Council of 23 October 2018 on combating money laundering by criminal law ...

The scale and nature of the money laundering and terrorism financing ("ML/TF") risk associated with the payment institutions ("PI") sector and the extent to which PIs' anti-money laundering...

Money laundering is the process whereby the proceeds of illegal activity are changed into seemingly legitimate funds. Sums of money are passed through various structures such as company structures, businesses, banks, and various other means, to obscure its origin.

This article imposes upon subject persons a duty of reporting and screening for sanctions.

This quarterly bulletin compiles significant legal, regulatory, and compliance developments across multiple Maltese regulatory authorities, including the MGA, MFSA, FIAU, MCCAA, FSSA, and IDPC. The updates span artificial intelligence governance in gaming, financial crime compliance strategies, data protection rulings, and anti-money laundering frameworks, providing organizations with essential insights to navigate Malta's evolving regulatory environment.

Malta's Sanctions Monitoring Board has issued new guidance on Article 32 of the National Interest (Enabling Powers) Act, fundamentally transforming how organisations must approach sanctions compliance. The framework shifts expectations from basic screening exercises to comprehensive, risk-based compliance programmes encompassing governance, due diligence, and ongoing monitoring across a wide range of sectors including financial services, gaming, real estate, and professional services.

On July the 20th 2021, the European Commission publicly announced its presentation of the ‘most ambitious package of measures' to combat Money Laundering and the Financing of Terrorism.

Central Bank Digital Currencies (CBDCs) are a hybrid between physical banks and digital money. CBDCs are a form of digital currency which must be issued and regulated by a country's central bank...

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

The Anti-Money Laundering Authority (AMLA) has launched a consultation on draft Guidelines establishing EU-wide minimum standards for Business Wide Risk Assessments, marking a significant shift towards more consistent, evidence-based risk assessments across Member States. These Guidelines reinforce the central role of the BWRA in AML/CFT compliance and set out four key requirements covering business overview, inherent risk identification, control quality assessment, and residual risk evaluation.

The Financial Intelligence Analysis Unit ("FIAU") has just published its AML/CFT Supervisory Plan for the year 2023/2024 ("Supervisory Plan 2023/2024").

The Financial Intelligence Analysis Unit ("FIAU") has just published its AML/CFT Supervisory Plan for the year 2023/2024 ("Supervisory Plan 2023/2024").

The mechanism being set up is one of the requirements introduced by the 5th anti-money laundering Directive (EU 2018/ 843).

On the 9th March 2021, the Use of Cash (Restriction) Regulations, 2021 were published by virtue of L.N. 81 of 2021.