The Financial Intelligence Analysis Unit (FIAU) earlier today published for consultation a revised version of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) which 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 combating money laundering and the funding of terrorism as well as strengthen the integrity of the financial system and the internal market as a whole.
The FIAU strongly encourages subject persons to read this proposal in its entirety and to provide their comments and feedback. Subject persons are being invited to consider these proposals and to submit their comments and feedback by not later than the 7 August 2017.
The full consultation document can be accessed here.