Financial Crime World

Title: Malta’s New Measures against Financial Crime Compliance: Understanding the Impact of EU Anti-Money Laundering Directive (AMLD4)

Subtitle

  • Insights on the latest developments and strategies to tackle Money Laundering and Fraud in Malta

Malta’s Implementation of AMLD4 Provisions

Malta, an European Union (EU) member state, has recently implemented Articles 30 and 31 of the 4th EU Anti-Money Laundering Directive (AMLD4) regarding beneficial ownership information. This regulatory update represents a significant step forward in the fight against financial crimes within the European financial system.

Disclosure of Ultimate Beneficial Owners (UBOs)

Following these regulations, Maltese companies and legal entities are now required to disclose their UBOs’ details to the Maltese financial intelligence unit. These details must be accessible to national competent authorities as well as in specific circumstances to FIUs in other EU member states and to credit and financial institutions in the EU when establishing business relationships.

Extensive UBO Definition

  • UBOs are individuals who own directly or indirectly more than 25% of the shares, voting rights, or the right to appoint or remove more than one half of the board of directors or similar management bodies.
  • The implications of these new regulations are substantial, with potential severe penalties for non-compliance.

EU’s Regulatory Transparency and Cooperation

  • The European Union’s focus on enhanced financial transparency and regulatory cooperation
  • Better sharing of information between member states and improved overall financial crime prevention

Commitment to New Regulations

The Maltese financial services sector, including local financial institutions and professional services firms, have demonstrated a commitment to these new regulations, ensuring a smooth transition.

Importance of Staying Informed and Adapting

  • Organizations must stay informed about regulatory changes for compliance with EU anti-money laundering measures
  • Failure to comply may result in risks and penalties

Background: PwC - Trusted Partner in Financial Crime Compliance

PricewaterhouseCoopers (PwC) is a leading global provider of trusted and independent audit, tax, and consulting services. Our experts possess in-depth knowledge of the ever-evolving regulatory landscape and are here to help businesses and individuals navigate the complexities of financial crime compliance.

Services

PwC offers a wide range of services including consulting, assurance, and tax services covering diverse industries such as financial services, technology, health, manufacturing, among others.

Recognition

  • Ranked among the ‘World’s Most Admired Companies’ by Fortune magazine for the past 20 years
  • Number one in the 2018 Global 3000 ranking by Forbes

Contact

Email us to discuss your specific needs and circumstances, or subscribe to our Financial Crime News to stay informed about the most recent updates, best practices, and potential risks.