Malta Tightens Noose on International Financial Crime with Strong Anti-Money Laundering Legislation

Malta has taken a firm stance against international financial crime by implementing robust anti-money laundering laws and guidelines aimed at curbing illicit activities and protecting its financial system.

Primary Legislation Against Money Laundering

The country’s primary legislation against money laundering is the Prevention of Money Laundering Act (Cap. 373), which adopts an “all crimes” approach to criminalize this phenomenon.

• The act establishes the Financial Intelligence Analysis Unit (FIAU) as a key institution responsible for combating financial crimes.
• Drug-related money laundering is also outlawed through the Dangerous Drugs Ordinance (Cap. 101) and the Medical and Kindred Professions Ordinance (Cap. 31).

Implementing Procedures

To ensure effective implementation of anti-money laundering regulations, the FIAU has issued Implementing Procedures that provide an interpretation of the law and its purposes. These procedures are binding on all subject persons, including businesses and individuals, and failure to comply can result in administrative penalties.

Commitment to Combating International Financial Crime

Malta’s commitment to tackling international financial crime is evident in its stringent legislation and guidelines, which aim to:

• Prevent money laundering
• Prevent terrorist financing
• Safeguard the integrity of its financial system

With its robust anti-money laundering framework in place, Malta is well-positioned to maintain its reputation as a reputable and secure financial hub in the region.