| Each Member State shall be legally required to prepare a national risk assessment that outlines appropriate steps to identify, assess, understand and mitigate the risks of money laundering and terrorist financing affecting it. |
Yes. 12A.(1) The Minister may, by regulations made under thisAct, establish a committee that shall be referred to as the NationalCo-ordinating Committee on Combating Money Laundering andFunding of Terrorism.(2) The committee establishedunder sub-article (1) shall drawup a national strategy and policies to combat money laundering,thefunding of terrorism and the financing of the proliferation ofweapons of mass destruction andco-ordinate any action to be givenkento develop, implement and review the national strategy andpolicies, including the co-ordination of nationathe risk assessmentntsand the actions to be taken to address any threats, vulnerabletiesand risks identified
(Article 12A Prevention of Money Laundering Act) |
| Member states shall be legally required to keep the national risk assessment up to date and review it at least every 4 years. |
No. Absent from legal framework
(Absent from legal framework) |
| Member states should legally designate an authority or mechanism to co-ordinate actions to assess risks. |
Yes. 12A.(1) The Minister may, by regulations made under thisAct, establish a committee that shall be referred to as the NationalCo-ordinating Committee on Combating Money Laundering andFunding of Terrorism.(2) The committee establishedunder sub-article (1) shall drawup a national strategy and policies to combat money laundering,thefunding of terrorism and the financing of the proliferation ofweapons of mass destruction andco-ordinate any action to be givenkento develop, implement and review the national strategy andpolicies, including the co-ordination of nationathe risk assessmentntsand the actions to be taken to address any threats, vulnerabletiesand risks identified
(Article 12A Prevention of Money Laundering Act) |
| The following conduct, when committed intentionally, is punishable as a criminal offence: the conversion or transfer of property, knowing that such property is derived from criminal activity, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in the commission of such an activity to evade the legal consequences of that person’s action; |
Yes. "money laundering" means -
(i) the conversion or transfer of property knowing or suspecting that such property is derived directly or indirectly from, or the proceeds of, criminal activity or from an act or acts of participation in criminal activity, for the purpose of or purposes of concealing or disguising the origin of the property or of assisting any person or persons involved or concerned in criminal
activity;
(ii) the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect of, in or over, or ownership of property, knowing or suspecting that such property is derived directly or indirectly from criminal activity or from an act or acts of participation in criminal activity;
(iii) the acquisition, possession or use of property knowing or suspecting that the same was derived or originated directly or indirectly from criminal activity or from an act or acts of participation in criminal activity;
(iv) retention without reasonable excuse of property knowing or suspecting that the same was derived or originated directly or indirectly from criminal activity or from an act or acts of participation in
criminal activity;
(v) attempting any of the matters or activities defined in the above foregoing sub-paragraphs (i), (ii), (iii) and (iv) within the meaning of article 41 of the Criminal Code;
(vi) acting as an accomplice within the meaning of article 42 of the Criminal Code in respect of any of the matters or activities defined in the above foregoing sub- paragraphs (i), (ii), (iii), (iv) and (v);
(Article 2 (1) Prevention of Money Laundering Act) |
| The following conduct, when committed intentionally, is punishable as a criminal offence: the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of, property, knowing that such property is derived from criminal activity; |
Yes. "money laundering" means -
(i) the conversion or transfer of property knowing or suspecting that such property is derived directly or indirectly from, or the proceeds of, criminal activity or from an act or acts of participation in criminal activity, for the purpose of or purposes of concealing or disguising the origin of the property or of assisting any person or persons involved or concerned in criminal
activity;
(ii) the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect of, in or over, or ownership of property, knowing or suspecting that such property is derived directly or indirectly from criminal activity or from an act or acts of participation in criminal activity;
(iii) the acquisition, possession or use of property knowing or suspecting that the same was derived or originated directly or indirectly from criminal activity or from an act or acts of participation in criminal activity;
(iv) retention without reasonable excuse of property knowing or suspecting that the same was derived or originated directly or indirectly from criminal activity or from an act or acts of participation in
criminal activity;
(v) attempting any of the matters or activities defined in the above foregoing sub-paragraphs (i), (ii), (iii) and (iv) within the meaning of article 41 of the Criminal Code;
(vi) acting as an accomplice within the meaning of article 42 of the Criminal Code in respect of any of the matters or activities defined in the above foregoing sub- paragraphs (i), (ii), (iii), (iv) and (v);
(Article 2 (1) Prevention of Money Laundering Act) |
| The following conduct, when committed intentionally, is punishable as a criminal offence: the acquisition, possession or use of property, knowing at the time of receipt, that such property was derived from criminal activity. |
Yes. "money laundering" means -
(i) the conversion or transfer of property knowing or suspecting that such property is derived directly or indirectly from, or the proceeds of, criminal activity or from an act or acts of participation in criminal activity, for the purpose of or purposes of concealing or disguising the origin of the property or of assisting any person or persons involved or concerned in criminal
activity;
(ii) the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect of, in or over, or ownership of property, knowing or suspecting that such property is derived directly or indirectly from criminal activity or from an act or acts of participation in criminal activity;
(iii) the acquisition, possession or use of property knowing or suspecting that the same was derived or originated directly or indirectly from criminal activity or from an act or acts of participation in criminal activity;
(iv) retention without reasonable excuse of property knowing or suspecting that the same was derived or originated directly or indirectly from criminal activity or from an act or acts of participation in
criminal activity;
(v) attempting any of the matters or activities defined in the above foregoing sub-paragraphs (i), (ii), (iii) and (iv) within the meaning of article 41 of the Criminal Code;
(vi) acting as an accomplice within the meaning of article 42 of the Criminal Code in respect of any of the matters or activities defined in the above foregoing sub- paragraphs (i), (ii), (iii), (iv) and (v);
(Article 2 (1) Prevention of Money Laundering Act) |
| Aiding and abetting, inciting and attempting a money laundering offence is punishable as a criminal offence. |
Yes. "money laundering" means -
(i) the conversion or transfer of property knowing or suspecting that such property is derived directly or indirectly from, or the proceeds of, criminal activity or from an act or acts of participation in criminal activity, for the purpose of or purposes of concealing or disguising the origin of the property or of assisting any person or persons involved or concerned in criminal
activity;
(ii) the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect of, in or over, or ownership of property, knowing or suspecting that such property is derived directly or indirectly from criminal activity or from an act or acts of participation in criminal activity;
(iii) the acquisition, possession or use of property knowing or suspecting that the same was derived or originated directly or indirectly from criminal activity or from an act or acts of participation in criminal activity;
(iv) retention without reasonable excuse of property knowing or suspecting that the same was derived or originated directly or indirectly from criminal activity or from an act or acts of participation in
criminal activity;
(v) attempting any of the matters or activities defined in the above foregoing sub-paragraphs (i), (ii), (iii) and (iv) within the meaning of article 41 of the Criminal Code;
(vi) acting as an accomplice within the meaning of article 42 of the Criminal Code in respect of any of the matters or activities defined in the above foregoing sub- paragraphs (i), (ii), (iii), (iv) and (v);
(Article 2 (1) Prevention of Money Laundering Act) |
| Money laundering offences are punishable by a maximum term of imprisonment of at least four years. |
Yes. (1) Any person committing any act of money laundering shall be guilty of an offence and shall, on conviction, be liable to a fine (multa) not exceeding two million and five hundred thousand euro (€2,500,000), or to imprisonment for a period not exceeding eighteen years, or to both such fine and imprisonment:
(Article 3 (1) Prevention of Money Laundering Act) |
| A prior or simultaneous conviction for the criminal activity from which the property was derived is not a prerequisite for a conviction for money laundering offences |
Yes. "money laundering" means -
(i) the conversion or transfer of property knowing or suspecting that such property is derived directly or indirectly from, or the proceeds of, criminal activity or from an act or acts of participation in criminal activity, for the purpose of or purposes of concealing or disguising the origin of the property or of assisting any person or persons involved or concerned in criminal
activity;
(ii) the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect of, in or over, or ownership of property, knowing or suspecting that such property is derived directly or indirectly from criminal activity or from an act or acts of participation in criminal activity;
(iii) the acquisition, possession or use of property knowing or suspecting that the same was derived or originated directly or indirectly from criminal activity or from an act or acts of participation in criminal activity;
(iv) retention without reasonable excuse of property knowing or suspecting that the same was derived or originated directly or indirectly from criminal activity or from an act or acts of participation in
criminal activity;
(v) attempting any of the matters or activities defined in the above foregoing sub-paragraphs (i), (ii), (iii) and (iv) within the meaning of article 41 of the Criminal Code;
(vi) acting as an accomplice within the meaning of article 42 of the Criminal Code in respect of any of the matters or activities defined in the above foregoing sub- paragraphs (i), (ii), (iii), (iv) and (v);
(Article 2 (1) Prevention of Money Laundering Act) |
| A conviction for money laundering offences is possible where it is established that the property was derived from a criminal activity, without it being necessary to establish all the factual elements or all circumstances relating to that criminal activity, including the identity of the perpetrator; |
Yes. "money laundering" means -
(i) the conversion or transfer of property knowing or suspecting that such property is derived directly or indirectly from, or the proceeds of, criminal activity or from an act or acts of participation in criminal activity, for the purpose of or purposes of concealing or disguising the origin of the property or of assisting any person or persons involved or concerned in criminal
activity;
(ii) the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect of, in or over, or ownership of property, knowing or suspecting that such property is derived directly or indirectly from criminal activity or from an act or acts of participation in criminal activity;
(iii) the acquisition, possession or use of property knowing or suspecting that the same was derived or originated directly or indirectly from criminal activity or from an act or acts of participation in criminal activity;
(iv) retention without reasonable excuse of property knowing or suspecting that the same was derived or originated directly or indirectly from criminal activity or from an act or acts of participation in
criminal activity;
(v) attempting any of the matters or activities defined in the above foregoing sub-paragraphs (i), (ii), (iii) and (iv) within the meaning of article 41 of the Criminal Code;
(vi) acting as an accomplice within the meaning of article 42 of the Criminal Code in respect of any of the matters or activities defined in the above foregoing sub- paragraphs (i), (ii), (iii), (iv) and (v);
(Article 2 (1) Prevention of Money Laundering Act) |
| Legal persons can be held liable for the breaches of Regulation (EU) 2024/1624 or Regulation (EU) 2023/1113 committed on their behalf or for their benefit by any person, acting individually or as part of a body of that legal person and having a leading position within that legal person, based on any of the following: a power to represent the legal person; an authority to take decisions on behalf of the legal person; an authority to exercise control within the legal person. |
Yes. (4) Where it is established that an offence of money laundering
under this Act was committed by an officer of a body corporate as
is referred to in article 121D of the Criminal Code or by a person
having a power of representation or having such authority as is
referred to in that article and the offence was committed for the
benefit, in part or in whole, of that body corporate, the said person
shall for the purposes of this Act be deemed to be vested with the
legal representation of the same body corporate which shall be
liable to the punishment laid down in sub-article (1):
Provided that where legal representation no longer vests in
the said person, for purposes of this article, legal representation
shall vest in the person occupying the office in his stead or in such
person as is referred to in that article.
(Article 3 (4) Prevention of Money Laundering Act) |
| Legal persons can be held liable where the lack of supervision or control has made possible the commission of any money laundering offences for the benefit of that legal person by a person under its authority. |
No. Absent from legal framework
(Absent from legal framework) |
| Legal persons held liable are punishable by criminal or non-criminal fines. |
Yes. 3. (1) Any person committing any act of money laundering
shall be guilty of an offence and shall, on conviction, be liable to a
fine (multa) not exceeding two million and five hundred thousand
euro (€2,500,000), or to imprisonment for a period not exceeding
eighteen years, or to both such fine and imprisonment:
(Article 3 (1) Prevention of Money Laundering Act) |
| Legal persons held liable are punishable by other sanctions, such as: exclusion from entitlement to public benefits or aid; temporary or permanent exclusion from access to public funding, including tender procedures, grants and concessions; temporary or permanent disqualification from the practice of commercial activities; placing under judicial supervision; a judicial winding-up order; temporary or permanent closure of establishments which have been used for committing the offence. |
Yes. (b) in the case where an act of money laundering is
committed by a body of persons, whether corporate or
unincorporate:
(i) the exclusion from entitlement to public benefits
or public aid;
(ii) the temporary or permanent exclusion from
access to public funding, including tender
procedures, grants and concessions;
(iii) the temporary or permanent disqualification
from the practice of commercial activities;
(iv) the placing under judicial supervision;
(v) its dissolution and winding up;
(vi) the temporary or permanent closure of
establishments which have been used for
committing the offence.
(Article 3 (1) Prevention of Money Laundering Act) |
| In the event of a breach of Regulations (EU) 2024/1624 and (EU) 2023/1113, where obligations apply to legal persons, pecuniary sanctions can be imposed and administrative measures can be applied not only to the legal person, but also to the senior management and to other natural persons who under national law are responsible for the breach. |
Yes. 13. (1) The Minister may make rules or regulations to
provide for criminal punishments, administrative penalties and
other measures that maybe imposed in respect of any
contravention, breach or failure to comply with any rules,
regulations or directives made under this Act:
Provided that:
(a) criminal punishments so imposed shall not exceed a
fine (multa) of one million euro (€1,000,000) or
imprisonment for a term not exceeding five years, or
both such fine and imprisonment as set out in the rules
or regulations concerned; and
(b) administrative penalties so imposed shall not exceed:
(i) five million euro (€5,000,000); or
(ii) twice the amount of the benefit derived from the
contravention, breach or failure to comply, where
this can be determined; or
(iii) ten per centum (10%) of the total annual turnover
according to the latest approved available financial
statements.
(Article 13 (1) Prevention of Money Laundering Act) |
| Pecuniary sanctions shall be imposed on obliged entities for serious, repeated or systematic breaches, whether committed intentionally or negligently, of the requirements laid down in the following provisions of Regulation (EU) 2024/1624: Chapter II (Internal policies, procedures and controls of obliged entities); Chapter III (Customer due diligence); Chapter V (Reporting obligations); Article 77 (Record retention). |
Yes. 13. (1) The Minister may make rules or regulations to
provide for criminal punishments, administrative penalties and
other measures that maybe imposed in respect of any
contravention, breach or failure to comply with any rules,
regulations or directives made under this Act:
Provided that:
(a) criminal punishments so imposed shall not exceed a
fine (multa) of one million euro (€1,000,000) or
imprisonment for a term not exceeding five years, or
both such fine and imprisonment as set out in the rules
or regulations concerned; and
(b) administrative penalties so imposed shall not exceed:
(i) five million euro (€5,000,000); or
(ii) twice the amount of the benefit derived from the
contravention, breach or failure to comply, where
this can be determined; or
(iii) ten per centum (10%) of the total annual turnover
according to the latest approved available financial
statements.
(Article 13 (1) Prevention of Money Laundering Act) |
| Supervisors are able to apply administrative measures to an obliged entity, where they identify: breaches of Regulation (EU) 2024/1624 or Regulation (EU) 2023/1113, either in combination with pecuniary sanctions for serious, repeated and systematic breaches, or on their own; weaknesses in the internal policies, procedures and controls of the obliged entity that are likely to result in breaches of the requirements; that the obliged entity has internal policies, procedures and controls that are not commensurate with the risks of money laundering, its predicate offences or terrorist financing to which the entity is exposed. |
Yes. (2) The administrative penalties referred to under sub-article
(1) shall be imposed by the Unit in accordance with policies and
procedures established by the Board of Governors referred to in
article 18, from time to time.
(Article 13 (1) Prevention of Money Laundering Act) |
| Where obliged entities fail to comply with administrative measures applied by the supervisor within the applicable deadlines, supervisors are able to impose periodic penalty payments in order to compel compliance with those administrative measures. |
No. Absent from legal framework
(Absent from legal framework) |
| Supervisors are required to publish on their website, in an accessible format, decisions imposing pecuniary sanctions, applying administrative measures or imposing periodic penalty payments. |
Yes. 13C. (1) Any administrative penalty imposed by the Unit in
terms of rules and regulations made under article 13, and which
exceeds fifty thousand euro (€50,000), shall be subject to publication
on the official website of the Unit, together with any other
administrative measure imposed by the Unit in conjunction with that
administrative penalty and the publication shall take place within five
(5) working days from the date of notification of the administrative
penalty to the subject person:
Provided further that where the administrative penalty has
been appealed in terms of article 13A, the Unit shall, without undue
delay, publish information on the appeal, and thereafter on the status of
the appeal and the outcome thereof, including information on any
decision of the Court of Appeal (Inferior Jurisdiction) which alters or
revokes in whole or in part that administrative penalty in question.
(Article 13C (1) Prevention of Money Laundering Act) |
Beneficial ownership of legal persons and legal arrangements |
| Beneficial ownership information must be held in a central register in the Member State where the legal entity is created or where the trustee of an express trust or person holding an equivalent position in a similar legal arrangement is established or resides, or from where the legal arrangement is administered. |
Yes. 3.(1) With effect from the date of the coming intoforce of these regulations, whereea company is to be constitutedunderthe Act, together with the memorandum and articles, if any, deltrueto the Registrar for registration in accordance with article 76of theAct, there shall be delivered tothe Registrar a declaration, iin the formset out in the First Schedule tothese regulations, signed by oof theproposed directors of the company, containing information inaccordance with sub-regulation (2) on all the beneficial ownersof thecompany.
(Article 3 (1) Companies Act (Register of Beneficial Owners) Regulations) |
| Member States shall ensure that the entities in charge of the central registers are empowered to request from legal entities, trustees of any express trust and persons holding an equivalent position in a similar legal arrangement, and their legal and beneficial owners, any information necessary to identify and verify their beneficial owners, including resolutions of the board of directors and minutes of their meetings, partnership agreements, trust deeds, power of attorney or other contractual agreements and documentation. |
Yes. 9.(1) The Registrar may:(a) refuse to register any document of a company,which is required to be registered under the Act, if thebeneficial ownership information was not submitted or if he isnot satisfied that the company has provided accurate and up todate information on all the benefitscial owners of the company asrequired by these regulations;(b) restrict new incorporations for directors involvedin other Maltese registered companies that failed to submitinformation on beneficial owners;(c) before registering a new company or return, takesuch steps and require such information or documentation as hemay deem necessary to ascertain the correctness of thebeneficial information submitted to him.(2) Where a company fails to provide information on itsbeneficial owners in accordance with these regulations, the Regsleepshall inform the company that he is not in receipt of the informationmation onbeneficial owners
(Article 9 (1) Companies Act (Register of Beneficial Owners) Regulations) |
| Where no person is identified as the beneficial owner, the central register shall include:
(a) a statement that there is no beneficial owner or that the beneficial owners could not be determined, accompanied by a corresponding justification
(b) the details of all natural persons who hold the position of senior managing officials in the legal entity equivalent to the following information: all names and surnames, place and full date of birth, residential address, country of residence and nationality or nationalities of the beneficial owner, number of identity document, such as passport or national identity document, and, where it exists, unique personal identification number assigned to the person by his or her country of usual residence, and general description of the source of such number |
No. Abesnt from legal framework
(Abesnt from legal framework) |
| Entities in charge of the central registers are required to verify, within a reasonable time upon submission of the beneficial ownership information, and on a regular basis thereafter, that such information is adequate, accurate and up to date. |
Yes. 5.(1) Every company shall obtain and at all times hold adequate, accurate and up to date information in respect of its beneficial owners, which shall at least include the following particulars:
(a) the name, the date of birth, nationality or nationalities, the country of residence and an official identification document number indicating the type of document and the country of issue, of each beneficial owner;
(b) the nature and extent of the beneficial interest held by each beneficial owner and any changes thereto;
(c) the effective date on which a natural person became, or ceased to be, a beneficial owner of the company or has increased or reduced his beneficial interest in the company.
|
| Competent authorities, if appropriate and to the extent that such requirement does not interfere unnecessarily with their functions, are required to report to the entities in charge of the central registers any discrepancies they find between information available in the central registers and the information available to them. |
Yes. The competent authorities mentioned in regulation 7(1)(a), to the extent that this requirement does not interfere unnecessarily with their functions, and subject persons, as referred to in regulation 7(1)(b), shall report any discrepancies they find between the beneficial information available to them and the beneficial ownership information held in the register of beneficial owners kept by the Registrar. The Registrar shall take any appropriate actions in order to resolve such discrepancies and, where necessary, update the beneficial ownership information in the register. Until such time that discrepancies are resolved, the Registrar may, if he deems appropriate, make specific mention in the register of beneficial owners of the discrepancies.
(Article 11 (3) Companies Act (Register of Beneficial Owners) Regulations) |
| The information contained in the central registers must include any change to the beneficial ownership of legal entities and legal arrangements and to nominee arrangements, following their first recording in the central register. |
Yes. 6. (1) Where there is a change in the beneficial ownership of a company, the company shall, within fourteen days after the date on which the change is recorded with the company, deliver to the Registrar a notice, in the form set out in the First Schedule to these regulations, of the change, providing the information required under regulation 3 on any new beneficial owner, updated information including on the nature and extent of the beneficial interest held on each of the other beneficial owners and the effective date of changes made, and the Registrar shall enter the said changes in the register of beneficial owners.
(Article 6 (1) Companies Act (Register of Beneficial Owners) Regulations) |
| The entity in charge of the central register is empowered, whether directly or by application to another authority, including judicial authorities, to carry out checks, including on-site inspections at the business premises or registered office of legal entities, in order to establish the current beneficial ownership of the entity and to verify that the information submitted to the central register is accurate, adequate and up-to-date. |
Yes. (1) The Registrar may carry out physical on-site investigation at the premises referred to in regulation 5(3), in order to establish the current beneficial ownership and to verify that the beneficial ownership information submitted to him in respect of a commercial partnership is accurate and up-to-date. The right of the Registrar to verify such information shall not be restricted, obstructed or precluded in any manner.
(Article 12 (1) Companies Act (Register of Beneficial Owners) Regulations) |
| Where verification leads an entity in charge of a central register to conclude that there are inconsistencies or errors in the beneficial ownership information, the entity in charge of a central register is able to withhold or refuse to issue a valid certificate of proof of registration, or to suspend the validity of an existing certification of proof of registration. |
Yes. 9.(1)The Registrar may:
(a)refuse to register any document of a company, which is required to be registered under the Act, if the beneficial ownership information was not submitted or if he is not satisfied that the company has provided accurate and up to date information on all the beneficial owners of the company as required by these regulations;
(Article 9 (1) Companies Act (Register of Beneficial Owners) Regulations) |
| The entity in charge of the central register is empowered to, whether directly or by application to another authority, including judicial authorities, apply effective, proportionate and dissuasive measures or impose such pecuniary sanctions for failures, including of a repeated nature, to provide the central register with accurate, adequate and up-to-date information about their beneficial ownership. |
Yes. 15. (1) Where any provision of these regulations provides for the imposition of a penalty, the amount of such penalty shall be determined by reference to the Second Schedule of these regulations, which specifies the maximum penalty that may be imposed by the Registrar under any of the provisions of these regulations.
(2) In the Second Schedule, the first column indicates the regulation and sub-regulation which prescribes that a penalty shall be imposed, the second column gives a general description of the infringement, which description shall not be relied on in interpreting any provision of these regulations, the third column prescribes the maximum penalty and the fourth column prescribes the maximum daily default penalty. The penalty shall become due on the day on which the default occurs and the daily default penalty shall be due for every day during which the default continues and shall accrue from the day following that on which the default occurs.
(3) Action by the Registrar for the recovery of a penalty under these regulations shall be prescribed by the lapse of five years from the day on which the default occurs.
(4) A company shall be jointly and severally liable with its officers for the payment of any administrative penalties imposed under these regulations.
(5) The provisions of article 401(3) to (17) of the Act shall apply to any penalty imposed by the Registrar under these regulations.
(Article 15 (1) Companies Act (Register of Beneficial Owners) Regulations) |
| Competent authorities have immediate, unfiltered, direct and free access to the information held in the interconnected central registers without alerting the legal entity or legal arrangement concerned. These competent authorities include: self-regulatory bodies in the performance of supervisory functions of AML rules; tax authorities; national authorities with designated responsibilities for the implementation of Union restrictive measures; AMLA for the purposes of joint analyses; EPPO; OLAF; Europol and Eurojust when providing operational support to the competent authorities of Member States. |
Yes. 7.(1) The information on the beneficial owners of a company held by the Registrar in the register of beneficial owners shall, in accordance with data protection requirements, be accessible to:
(a) (i) national competent authorities with designated responsibilities for combating money laundering and terrorist financing;
(ii) national competent authorities that have the function of investigating or prosecuting money laundering, associated criminal offences and terrorist financing, or of tracing, seizing, freezing and confiscating criminal assets;
(iii) the Financial Intelligence Analysis Unit;
(iv) national tax authorities; and (v) any other national competent authority within the meaning assigned to it under the Prevention of Money Laundering and Funding of Terrorism Regulations, not already covered under sub-paragraphs (i) to (iv),
in a timely manner without any restriction and without alerting the company concerned; and //// 13. (1) In accordance with the requirements of Directive EU 2015/849 of EU Parliament and Council of 20th May 2015 the register of beneficial owners held by the Registrar in accordance with regulation 4 shall be interconnected with the system of interconnection of central, commercial and companies registers composed of the registers of Member States and EEA States via the European Central Platform and the European e-Justice portal serving as the European electronic access point, in terms of Directive 2009/101/EC, as amended by Directive 2012/17/EU.
(2) The information on the beneficial owners of a company held by the Registrar in the register of beneficial owners shall be available and accessible through the system of interconnection of registers mentioned in this regulation.
(Article 7 (1) and 13 Companies Act (Register of Beneficial Owners) Regulations) |
| Beneficial ownership information held in central registers may be made available to obliged entities upon payment of a fee, which shall be limited to what is strictly necessary to cover the costs of ensuring the quality of the information held in the central registers and of making the information available. Those fees shall be established in such a way as not to undermine effective access to the information held in the central registers. |
Yes. (b) subject persons in terms of the Prevention of Money Laundering and Funding of Terrorism Regulations providing services in or from Malta, for the purpose of carrying out customer due diligence in accordance with the said regulations, in a timely manner.
(Article 7 (1) Companies Act (Register of Beneficial Owners) Regulations) |
| Any natural or legal person that can demonstrate a legitimate interest in the prevention and combating of money laundering, its predicate offences and terrorist financing has access to the following information on beneficial owners of legal entities and legal arrangements held in the interconnected central registers, without alerting the legal entity or legal arrangement concerned:
the name of the beneficial owner; the month and year of birth of the beneficial owner; the country of residence and nationality or nationalities of the beneficial owner; for beneficial owners of legal entities, the nature and extent of the beneficial interest held; for beneficial owners of express trusts or similar legal arrangements, the nature of the beneficial interest. |
Yes. any other natural or legal person, that can demonstrate a legitimate interest in the prevention and combating of money laundering, its predicate offences, or the financing of terrorism, shall be granted access to information on the beneficial ownership of the company by the Registrar, without alerting the company concerned:
(Article 7 (1) Companies Act (Register of Beneficial Owners) Regulations) |
| The following natural or legal persons shall be deemed to have a legitimate interest to access the information listed above: persons acting for the purpose of journalism, reporting or any other form of expression in the media, that are connected with the prevention or combating of money laundering, its predicate offences or terrorist financing; |
No. Absent from legal framework
(Absent from legal framework) |
| The following natural or legal persons shall be deemed to have a legitimate interest to access the information listed above: civil society organisations, including non-governmental organisations and academia, that are connected with the prevention or combating of money laundering, its predicate offences or terrorist financing; |
No. Absent from legal framework
(Absent from legal framework) |
| The following natural or legal persons shall be deemed to have a legitimate interest to access the information listed above: natural or legal persons likely to enter into a transaction with a legal entity or legal arrangement and who wish to prevent any link between such a transaction and money laundering, its predicate offences or terrorist financing; |
No. Absent from legal framework
(Absent from legal framework) |
| The following natural or legal persons shall be deemed to have a legitimate interest to access the information listed above: Member States’ public authorities in the context of public procurement procedures, in respect of the tenderers and operators being awarded the contract under the public procurement procedure; |
No. Absent from legal framework
(Absent from legal framework) |
| Member States shall ensure that the information provided by central registers does not lead to the identification of any person consulting the register where such persons are: persons acting for the purpose of journalism, reporting or any other form of expression in the media, that are connected with the prevention or combating of money laundering, its predicate offences or terrorist financing; |
No. Absent from legal framework
(Absent from legal framework) |
| Member States shall ensure that the information provided by central registers does not lead to the identification of any person consulting the register where such persons are: civil society organisations that are connected with the prevention or combating of money laundering, its predicate offences or terrorist financing. |
No. Absent from legal framework
(Absent from legal framework) |
| Where entities in charge of central registers decide to grant access to beneficial ownership information, they shall issue a certificate granting access for 3 years. Entities in charge of central registers shall respond to any subsequent request to access beneficial ownership information by the same person within 7 working days. |
No. Absent from legal framework
(Absent from legal framework) |
| Member States shall ensure that entities in charge of central registers shall only refuse a request to access beneficial ownership information on one of the following grounds: the applicant has not provided the necessary information or documents pursuant to paragraph 1; a legitimate interest to access beneficial ownership information has not been demonstrated; where on the basis of information in its possession, the entity in charge of the central register has a reasonable concern that the information will not be used for the purposes for which it was requested or that the information will be used for purposes that are not connected to the prevention of money laundering, its predicate offences or terrorist financing; one or more of the situations referred to in Article 15 applies; the legitimate interest to access beneficial ownership information granted by the central register of another Member State does not extend to the purposes for which the information is sought; where the applicant is in a third country and responding to the request to access information would not comply with the provisions of Chapter V of Regulation (EU) 2016/679. |
Yes. any other natural or legal person, that can demonstrate a legitimate interest in the prevention and combating of money laundering, its predicate offences, or the financing of terrorism, shall be granted access to information on the beneficial ownership of the company by the Registrar, without alerting the company concerned:
(Article 7 (1) Companies Act (Register of Beneficial Owners) Regulations) |
| In exceptional circumstances to be laid down in national law, where the access to beneficial ownership information would expose the beneficial owner to disproportionate risk of fraud, kidnapping, blackmail, extortion, harassment, violence or intimidation, or where the beneficial owner is a minor or otherwise legally incapable, Member States shall provide for an exemption from such access to all or part of the personal information on the beneficial owner. Member States shall ensure that such exemptions are granted on a case-by-case basis upon a detailed evaluation of the exceptional nature of the circumstances and confirmation that those disproportionate risks exist. The right to an administrative review of the decision granting an exemption and the right to an effective judicial remedy shall be guaranteed. |
Yes. (2) Access to information on a beneficial owner of a company under sub-regulations (1)(b) and (2) may not be granted, in full or in part, where in exceptional circumstances to be justified by means of documentary evidence and to be determined on a case by case basis, access to such beneficial ownership information would expose the beneficial owner to the risk of fraud, kidnapping, blackmail, violence or intimidation, or where the beneficial owner is a minor or otherwise incapable.
(Article 7 (2) Companies Act (Register of Beneficial Owners) Regulations) |
| Each Member State shall ensure that all obliged entities established in its territory are subject to adequate and effective supervision. To that end, each Member State shall appoint one or more supervisors to monitor effectively, and to take the measures necessary to ensure compliance by the obliged entities with Regulations (EU) 2024/1624 and (EU) 2023/1113. |
Yes. 26. (1) The Unit shall be responsible to ensure that subject
persons comply with the provisions of this Act and any regulations
made thereunder in so far as these are applicable to them.
(2) The Unit shall carry out its responsibilities under sub-article
(1) on a risk sensitive basis and, in so doing, the Unit may:
(a) authorise any of its officers, employees or agents, or any
expert engaged under article 26A, on producing evidence
of his authority, to require any subject person to provide
him forthwith with such information or documentation as
may be required in order to monitor compliance with the
provisions of this Act and any regulation made
thereunder and to answer any questions as the Unit may
reasonably require for the performance of its functions
under sub-article (1), and such officer, employee, agent or
expert may demand access to any data, information or
documentation, whether or however stored or held, that
the Unit considers relevant to monitor compliance, and
may take copies of such data, information or
documentation whether digital or otherwise;
(b) by notice in writing served on a subject person require
that person to produce, within the time and at the place
as may be specified in that notice, any documents as
may be so specified in the notice provided such
documents are reasonably required by the Unit for the
performance of its functions under this Act;
(c) carry out on-site examinations on subject persons with
the aim of monitoring compliance with the provisions of
this Act and any regulations made thereunder;
(d) make notes, take copies or recordings, whether digital or
otherwise, of any data, information or documentation
obtained or accessed by the Unit, or of any answers to
questions posed by the Unit in the exercise of its powers
under this sub-article.
(Article 26 Prevention of Money Laundering Act) |
| Each Member State shall establish an FIU in order to prevent, detect and effectively combat money laundering and terrorist financing. |
Yes. 16. (1) Subject to the other provisions of this Act and without
prejudice to any other power or function conferred on it by this Act
or by any other law, the Unit shall be responsible for the collection,
collation, processing, analysis and dissemination of information
with a view to preventing, detecting and effectively combating
money laundering and funding of terrorism and without prejudice
to the generality of the aforesaid shall in particular have the
following functions:
(Article 16 Prevention of Money Laundering Act) |
| The FIU as the central national unit shall be responsible for receiving and analysing suspicious transaction reports and other information relevant to money laundering, associated predicate offences or terrorist financing. |
Yes. (a) to receive reports of transactions or activities suspected to involve money laundering or funding of terrorism or property that may have derived directly or indirectly from, or constitutes the proceeds of, criminal activity made by any subject person in pursuance of any regulation made under article 12, to supplement such reports with such additional information as may be available to it or as it may demand, to analyse the report together with such additional information and to draw upan analytical report on the result of such analysis;
(Article 16 Prevention of Money Laundering Act) |
| The FIU shall be responsible for disseminating the results of its analyses and any additional relevant information to the competent authorities where there are grounds to suspect money laundering, associated predicate offences or terrorist financing. |
Yes. (b) to send any analytical report as is referred to in
paragraph (a) to the Commissioner of Police for
further investigation if having considered the report
received under paragraph (a), the Unit also has
reasonable grounds to suspect that the transaction or
activity is suspicious and could involve money
laundering or funding of terrorism or property that
may have derived directly or indirectly from, or
constitutes the proceeds of, criminal activity;
(c) to monitor compliance by subject persons and to coPREVENTION
OF MONEY LAUNDERING [CAP. 373. 21
operate and liaise with any authority in or outside Malta
having supervisory or regulatory functions to ensure
such compliance;
(d) to send to the Commissioner of Police together with
any analytical report sent in accordance with
paragraph (b) or at any time thereafter any
information, document, analysis or other material in
support of the report;
(e) to instruct any subject
(Article 16 Prevention of Money Laundering Act) |
| The FIU shall be operationally independent and autonomous, which means that the FIU shall have the authority and capacity to carry out its functions freely, including the ability to take autonomous decisions to analyse, request and disseminate specific information. It shall be free from any undue political, government or industry influence or interference. |
No. (1) There shall be a government agency, to be known as the Financial Intelligence Analysis Unit.
(2) The Unit shall be a body corporate having a distinct legal personality and shall be capable, subject to the provisions of this Act, of entering into contracts, of concluding memoranda of understanding or other agreements including with any foreign
body, authority or agency as is referred to in article 16(1)(k), of acquiring, holding and disposing of any kind of property for the purposes of its functions, of suing and being sued, and of doing all such things and entering into all such transactions as are incidental or conducive to the exercise or performance of its functions under this Act, including the borrowing of money.
(Article 15 (1) and (2) Prevention of Money Laundering Act) |
| The FIU, regardless of their organisational status, is authorised to have access to the information that they require to fulfil their tasks, including financial, administrative and law enforcement information. |
Yes. (3) For the purposes of pursuing its responsibilities under subarticle
(1) on a risk-sensitive basis the Unit shall:
(a) ensure that is has a clear understanding of the money
laundering and funding of terrorism risks to which
Malta is exposed;
(b) take any necessary action and have access to any
information or documentation that is necessary to
assess and determine the money laundering and
funding of terrorism risk profile of subject persons;
(Article 26 (3) Prevention of Money Laundering Act) |
| FIUs are empowered to take urgent action, directly or indirectly, where there is a suspicion that a transaction is related to money laundering or terrorist financing, to suspend or withhold consent to that transaction. |
Yes. 28. (1) Where the Unit is informed by a subject person that a
transaction to be carried out is suspected or known to be related to
money laundering or the funding of terrorism, or to involve
property that may have derived directly or indirectly from, or
constitutes the proceeds of, criminal activity, or where, on the basis
of information in its possession, including upon a request by a
foreign body, authority or agency which is considered to have
functions equivalent or analogous to those of the Unit, the Unit
knows or suspects that a transaction to be carried out by a subject
person is related to money laundering or the funding of terrorism,
or involves property that is derived from or constitutes the proceeds
of criminal activity, the Unit may, where it considers such action
n e c e s s a r y, o p p o s e t h e e x e c u t i o n o f t h e t r a n s a c t i o n a n d a
notification of such opposition shall be made to the subject person
concerned by any written means:
Provided that where the Unit opposes the execution of the
transaction following receipt of information from the subject
person, the notification of such opposition shall be made to the
subject person by not later than one working day following the day
on which the information was received by the Unit and the subject
person shall, within such period, not carry out the transaction in
question.
(2) The opposition by the Unit shall suspend the execution of
the transaction for a period of one working day following the day of
the notification by the Unit referred to in sub-article (1), unless the
Unit shall, by any written means, authorise earlier the execution of
the transaction.
(3) The Unit may, at its discretion, extend the period referred to
in sub-article (2) by a further working day where this is considered
to be necessary by the Unit and such extension shall be notified to
the subject person before the lapse of the period referred to in subarticle
(2).
(Article 28 (1) Prevention of Money Laundering Act) |
Mutual legal assistance (MLA) and International Cooperation |
| Member States shall ensure that the FIU to whom the request is made is legally required to use the whole range of its available powers which it would normally use domestically for receiving and analysing information when it replies to a request for information from another FIU. |
Yes. Articles 27 - 27d of AML Law regulates the international cooperation
(Article 27 - 27d Prevention of Money Laundering Act) |
| Member States shall ensure that FIUs are legally required to exchange, spontaneously or upon request, any information that may be relevant for the processing or analysis of information by the FIU related to money laundering, its predicate offences, or terrorist financing, and the natural or legal person involved, regardless of the type of predicate offences that may be involved, and even if the type of predicate offences that may be involved is not identified at the time of the exchange. |
Yes. Articles 27 - 27d of AML Law regulates the international cooperation
(Article 27 - 27d Prevention of Money Laundering Act) |
Malta
40(72) Political Financing 
26(57) Financial Disclosure 
46(49) Conflict of Interest 
81(59) Freedom of Information 
69(63) Public Procurement 
76(66) Anti Money Laundering 
67(71) Asset Recovery