The FIAU has issued for consultation a series of amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”).
These proposed amendments to the PMLFTR seek to address technical compliance shortcomings that were identified by MONEYVAL Assessors during the 5th Round Mutual Evaluation of Malta, that were found not to be fully aligned with the FATF Recommendations.
The most relevant amendments are:
• Revise of the time-frames for submission of suspicious transaction reports (STRs) by subject persons and supervisory authorities
• Amendments to Regulation 21(7) which will enable the FIAU to impose administrative sanctions on persons who have a senior managerial role within a subject person and who are found to be responsible for breaches of AML/CFT obligations.
• Amendments are also being proposed to Regulations 8, 11 and 12 of the PMLFTR.
This Consultation Paper also includes proposed amendments to Chapter 5 of the Implementing Procedures Part I which are ancillary to the proposed amendments to the reporting obligation envisaged under Regulation 15(3) of the PMLFTR.
The FIAU is issuing the proposed revised versions of the PMLFTR and the mentioned Sections of the Implementing Procedures Part I with track changes, not only to make it easier for one to actually follow where and what changes are being proposed.
You can read the full consultation document from FIAU by clicking on the button below: