The European Commission is keeping tabs on Malta’s failure to implement the EU’s latest anti-money-laundering rules, The Sunday Times of Malta has learnt.
Malta was supposed to transpose the latest EU rules aimed at combating money laundering and terrorist financing by June 26.
The government’s failure to do so has led the European Commission to trigger the first stage of infringement proceedings.
A spokesman for the EU’s executive body confirmed that the government had replied to a formal letter sent by the Commission asking why it had failed to transpose the fourth anti-money-laundering directive.
European Justice Commissioner Vera Jourova has complained numerous governments have failed to put the new rules in place despite having had a full two years. Discussions at EU level are already under way about revisions to the directive. Industry insiders told The Sunday Times of Malta that companies could end up having to apply rules that have already been updated.