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
Disclaimer
While FF International Limited (hereinafter referred to as “FFI”) endeavours to ensure that any information published in articles / publications / memos / updates (including any information published on our website) is accurate as at the time of publication, FFI nor any of their respective directors, partners, officers, employees, or agents make any representation or warranty (express or implied) or accept or will accept any responsibility or liability in relation to the accuracy or completeness of the information contained published in our articles / publications / memos / updates (including any information published on our website) or any other written or oral information made available or published on our articles / publications / memos and updates. Any responsibility or liability in respect of any such information or any inaccuracy or omission arising from any article / publication / memo is expressly disclaimed. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given as to the achievement or reasonableness of any future projections, estimates, prospects or returns published on our articles / publications / memos / updates (including any information published on our website) . The content of the above article / publication / memo / update and any information published on our website is intended to serve solely as general information only and its purpose is not to provide any specific professional advice whether of a financial, legal, tax or other nature. Since it is recommended that business decisions be based only on qualified professional advice, neither FFI nor any related company belonging to FFI nor any of the respective directors, partners, officers, employees, or agents of FFI will be held liable for any damages which might result as a consequence of relying on the information contained within. FFI including any directors, partners, officers, employees, or agents of FFI and / or any entity related to FFI accept no liability whatsoever for the content of this article / publication / memo / update for the consequences of any actions taken on the basis of the information provided. If you have any questions relating to the accuracy and correctness of the above article / publication / memo / updates or any information published on our website you are kindly requested inform us by sending us an email on info@ffinternational.com.mt
