On the 1 April 2020, the Financial Intelligence Analysis Unit (the “FIAU”) has released a Consultation Document relating to a series of proposed amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations (the “PMLFTR”). The proposed amendments have been issued in order to ensure full adherence to the international standards laid down in the FATF Recommendations, and this as identified by the assessors of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism ("MONEYVAL") during their 5th Round Mutual Evaluation of Malta.
The main amendments proposed in this Consultation Document relate to the following:
Regulations 15(3) and (7) - revising the time-frames for submission of Suspicious Transaction Reports ("STRs") by subject persons and supervisory authorities;
Regulation 21(7) - enabling the FIAU to impose administrative sanctions on persons who have a senior managerial role within a subject person and who are found to be responsible for breaches of AML/CFT obligations;
Regulations 8, 11 and 12 of the PMLFTR – relating to tipping off of investigations, information to be gathered in relation to correspondent relationships, and reliance on third parties from high-risk jurisdictions;
Chapter 5 of the Implementing Procedures Part I - ancillary to the proposed amendments to the reporting obligation envisaged under Regulation 15(3) of the PMLFTR.
Subject persons are invited to submit their feedback and comments to their representatives on the Joint Committee for the Prevention of Money Laundering and Funding of Terrorism by not later than the 17th April 2020.
Feel free to contact us if you require any clarifications in relation to the proposed amendments to the PMLFTR.