Malta’s Financial Intelligence Analysis Unit Publishes Record of Money Laundering Penalties and Fines
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The Financial Intelligence Analysis Unit (FIAU) has published a list of administrative penalties and fines imposed on entities for failing to comply with anti-money laundering and counter-terrorism financing regulations.
Penalties Total Over €100,000
According to the latest publication, the FIAU has imposed penalties totalling over €100,000 on several entities for contraventions of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR). The penalties were imposed for a range of offences, including:
- Failure to report suspicious transactions
- Lack of adequate customer due diligence
The publication includes details of each entity’s identity, the type of financial activity or business carried out, the date of imposition of the penalty, and the value of the penalty. It also provides a summary of the facts leading to the imposition of the penalty and any relevant information about the contravention.
Publication Aimed at Providing Transparency
The FIAU is required to publish penalties and fines that exceed €10,000 in accordance with Article 13C of the Prevention of Money Laundering Act (PMLA). The publication aims to provide transparency and promote compliance with anti-money laundering and counter-terrorism financing regulations.
New Policies and Procedures Established
The FIAU has established new policies and procedures for publishing administrative penalties and fines, which include:
- Criteria for identifying entities subject to publication
- Timing of publication
- Period of publication
The Unit may also exempt certain entities from publication in exceptional circumstances, such as where it would jeopardise financial market stability or ongoing supervisory work.
Enhanced Transparency and Accountability
The FIAU’s move to increase transparency in the publication of penalties and fines is seen as a significant step towards enhancing Malta’s anti-money laundering and counter-terrorism financing regime. It demonstrates the Unit’s commitment to promoting compliance and preventing financial crimes, while also ensuring that entities are held accountable for any breaches of regulations.