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(AML) LEGAL NOTICE UPDATE – THE PREVENTION OF MONEY LAUNDERING ACT

Legal Notice 77 of 2019 published on the 16th of April introduces a new Articles 15A aimed to protect individuals when reporting suspicions of money laundering and funding of terrorism.

In fact the newly introduced Article 15A aimed to protect persons and individuals when reporting on suspicious transactions contemplates:

(1) The Financial Intelligence Analysis Unit, any investigating, prosecuting, judicial or administrative authority and subject persons shall protect and keep confidential the identity of any individual who reports, either internally within the subject person or to the Financial Intelligence Analysis Unit, knowledge or suspicions of money laundering or funding of terrorism, or who reports knowledge or suspicions that funds are the proceeds of criminal activity.

(2) No detrimental action shall be taken against any individual, including employees or officials of subject persons, who reports, either internally within the subject person or to the Financial Intelligence Analysis Unit, knowledge or suspicions of money laundering or funding of terrorism, or knowledge or suspicions that funds are the proceeds of criminal activity.

(3) Any individual, including an employee or official of a subject person, who believes that detrimental action has been taken or is to be taken against him in reprisal for making a report as envisaged under sub-regulation (2), may file an application to the First Hall, Civil Court for:

(a) an order requiring the person who has taken the detrimental action to remedy that action; or

(b) an injunction.

The full text of this legal notice can be viewed on this link: LEGAL NOTICE 77 of 2019

For more information, please contact:

Franco Falzon C.P.A., LL.M
(Managing Partner)
E: franco@ffinternational.com.mt


T: +356 2010 7771


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