Malta is among a number of EU countries that missed a June 26 deadline to implement stricter anti-money laundering rules, the Times of Malta has learnt.
The government has yet to transpose into legislation the European Union’s fourth anti-money laundering directive, which imposes stricter client controls on banks and other financial intermediaries.
Under the new rules, intermediaries must carry out ongoing risk assessments of their customers in a bid to combat money laundering and the financing of terrorism. The directive also broadens the definition of a politically exposed person, meaning that more people will be subjected to stricter checks.
Finance Minister Edward Scicluna said the government would seek to push through the new rules before Parliament rises for the summer recess.
Asked whether there could be any repercussions as a result of the delay, Prof. Scicluna said there would not be any issues once the European Commission was assured the new legislation would go