Revision of the Prevention of Money Laundering and Funding of Terrorism Regulations

The Financial Intelligence Analysis Unit (“FIAU”) has on the 6th July 2017 issued a revised version of the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”) for consultation. This revised version of the PMLFTR seeks to transpose into Maltese law various provisions of Directive (EU) 2015/849 of the European Parliament and of the Council […]

Written By ACT Team

On July 7, 2017
"

Read more

The Financial Intelligence Analysis Unit (“FIAU”) has on the 6th July 2017 issued a revised version of the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”) for consultation. This revised version of the PMLFTR seeks to transpose into Maltese law various provisions of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“4th AMLD”). 

The changes introduced by the 4th AMLD take into account the new recommendations adopted by the Financial Action Task Force (“FATF”) and seeks to bring European legislation in line with international standards in combatting money laundering and the funding of terrorism as well as strengthen the integrity of the financial system and the internal market as a whole. Given that the transposition would require substantial amendments to the current version of the PMLFTR, the FIAU proposes to repeal in its entirety the version of the PMLFTR currently in force and replace the same with a new set of regulations. However, in drafting the proposal being put forth for consultation, the FIAU sought to retain, as much as possible, the same structure and numbering of the current regulations. 

Feedback and comments should reach Joint Committee representatives or the FIAU by not later than the 7 August 2017.  A copy of the document may be obtained from the website of the FIAU or by clicking on the following link.

http://www.fiumalta.org/library/PDF/legislation/Consultation%20Document%20PMLFTR%202017.pdf

How can we help?  

For further information, please contact one of the firm’s tax partners, Stephen Balzan on [email protected] or Elaine Camilleri [email protected]. ACT can help you understand the changes to the tax rules and how these can impact your business.  

Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria.  For an appointment in our Gozo office, please call on 00356 21378672 or send us an email on [email protected].