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Malta Cracks Down on Anti-Money Laundering Laws

Malta has taken a significant step towards strengthening its anti-money laundering (AML) laws by implementing international sanctions against individuals and entities suspected of engaging in illegal activities. The move aims to prevent the country from being used as a haven for illicit financial transactions.

New Legislation

The National Interest (Enabling Powers) Act provides for the implementation of United Nations Security Council Resolutions imposing sanctions on countries, regimes, or organizations. The act also requires MFSA licence holders to take note of all international sanctions and exercise caution when conducting business activities.

Sanctions Monitoring Board

A new Sanctions Monitoring Board has been established as the Competent Authority for sanctions-related matters. Information is available on their website, and licence holders are required to report any findings of verifications to the board and the Malta Financial Services Authority (MFSA). They must also inform them of any action taken.

Reporting Requirements

The MFSA has informed all credit institutions about reporting requirements in terms of Council Regulation (EU) No 267/2012 concerning restrictive measures against Iran, as well as Council Regulations (EU) 208/2014 (Ukraine), 101/2011 (Tunisia), and 270/201 (Egypt).

Industry Reaction

Industry experts welcome the move, saying it is a step in the right direction towards strengthening AML laws in Malta. “It’s about time that we took action to prevent our country from being used as a haven for illicit financial transactions,” said one expert.

Call to Action

The MFSA urges all licence holders and interested persons to consult the Sanctions Monitoring Board, United Nations, and EU websites for complete and up-to-date information on international sanctions. It is recommended that they seek professional advice as necessary to ensure compliance with AML laws.

This move comes amid growing concerns over money laundering and terrorist financing in the country. Malta has been a popular destination for foreign investors and entrepreneurs due to its attractive tax regime, but critics have long argued that the lack of transparency and regulation has made it an attractive haven for illegal activities.