Government says Prevention of Money Laundering Act meant to do that
Malta on Thursday received a reasoned opinion from the European Commission for failing to transpose the fourth Anti-Money Laundering Directive into national law.
EU member states had until June 26 last year to transpose the directive into national legislation.
• strengthens the risk assessment obligation for banks, lawyers, and accountants;
• sets clear transparency requirements about beneficial ownership for companies;
• facilitates cooperation and exchange of information between Financial Intelligence Units from different member states to identify and follow suspicious transfers of money to prevent and detect money laundering or terrorist financing;
• establishes a coherent policy towards non-EU countries that had deficient anti-money laundering and counter-terrorist financing rules;
• reinforces the sanctioning powers of competent authorities.
In the wake of the Panama Papers revelations and the terrorist attacks in Europe, the Commission proposed a fifth Anti-Money