At the end of 2022, the Financial Intelligence Analysis Unit (“FIAU”) issued a press release to inform the industry that it has published the Implementing Procedures – Part II addressed to accountants and auditors. These Implementing Procedures are intended to clarify how particular obligations of anti-money laundering and counter-financing of terrorism (“AML/CFT”) are to be implemented by accounting and auditing professionals, and ensure that they are consistently understood, interpreted, and implemented.
Furthermore, these Implementing Procedures provide information on the ML/FT risks which practitioners face during their practice. The Implementing Procedures provide guidance on how to create a better understanding of these risks, and ensure that practitioners are adequately equipped to prevent, limit, detect, and report ML/FT and suspicious activities.
These Implementing Procedures will become applicable as from the 1st April 2023. Until such date, accountants and auditing professionals are expected to continue implementing their AML/CFT obligations in line with the current legislations, Implementing Procedures, and additional FIAU guidance. The provisions of these Implementing Procedures are legally binding to all individuals or firms exercising the accountancy and auditing profession in terms of Maltese law.
Those persons subject to these Implementing Procedures are encouraged to familiarise themselves with the rules before they become applicable.
Feel free to contact us for assistance or more information on the above.