The Malta Financial Intelligence Analysis Unit (FIAU) has published new guidelines to assist ‘Subject Persons’ (i.e. persons who broadly speaking carry out financial services activities) better understand their duties to monitor the risk of money laundering (ML) and funding of terrorism (FT) arising from jurisdictions which conduct business with Malta and individuals located in these jurisdictions.  

Anti-Money Laundering Measures in Malta: Reputable Jurisdictions

Subject persons are asked to discern the reputability of foreign jurisdictions, and separate ‘reputable jurisdictions’ from ‘non-reputable jurisdictions’ on the basis of measures which a jurisdiction has put in place to both combat ML and FT.  Anti-ML and FT measures should be discerned through customer acceptance policies implemented by all subject persons; and tailoring them to suit the jurisdiction from which particular customers originate.  The guidelines explain that enhanced customer due diligence (ECDD) apply in specified situations and should be proportionate to counter the ML and FT risk posed.

Malta : Member of the FATF

Malta is playing its part as a member of the intergovernmental Financial Action Task Force (FATF) to protect the local financial industry from jurisdictions posing ML and FT threats by applying all necessary measures to counter such risks and keep up with most recent internationally accepted and expected practices.