14th July 2021 In May 2021, the FIAU published a guidance paper entitled ‘‘Enforcement Factsheet: Common Observations across sectors subject to AML/CFT Supervision’. The paper sought to analyse the enforcement actions undertaken over the past two years, to provide subject persons with insights into the most common observations emanating from AML/CFT supervisory initiatives. To complement […]
12th July 2021 The National Coordinating Committee on Combating Money Laundering and Funding of Terrorism (‘NCC’) is organizing a training session for the private sector on AML/CFT issues relating to tax. This online session will be held this Thursday 15th July between 14:00 and 17:00. For the agenda and link to join the event, please […]
The FIAU would like to bring to your attention the latest FATF ‘High-Risk Jurisdictions subject to a Call for Action’ (previously known as ‘Public Statement’) and ‘Jurisdictions under Increased Monitoring’ (previously known as ‘Improving global AML/CFT compliance: on-going process’) documents issued by the FATF on 25 June 2021. A copy of these documents has been uploaded on the FIAU’s […]
14th June 2021 The Financial Intelligence Analysis Unit (‘FIAU’) would like to inform subject persons that in the exercise of the powers conferred by Article 12(5) of the Prevention of Money Laundering Act (Cap. 373), the Minister for Finance and Employment, acting on the advice of the National Co-ordinating Committee on Combating Money Laundering and […]
2nd June 2021 In April 2021, the FIAU published a guidance paper entitled ‘‘The Business Risk Assessment’’, which highlights common findings derived from an analysis of a sample of Business Risk Assessments submitted by subject persons across all regulated sectors. It also includes good practices which should be adopted by subject persons. To complement this […]
20th May 2021 The Financial Intelligence Analysis Unit (FIAU) has today issuing a revised version of its Implementing Procedures – Part I, which version incorporates changes to Section 4.3.2.4 and Section 4.3.2.5 thereof. These sections set out the identification and verification of identity requirements that subject persons are to meet when their customer happens to […]
10th May 2021 The Financial Intelligence Analysis Unit (FIAU) would like to bring to the attention of subject persons and interested parties the publication in the Government Gazette of Legal Notice 199 of 2021. This legal notice, which was issued on 30 April 2021, introduces a series of amendments to the Prevention of Money Laundering […]
4th May 2021 The overhaul of the FIAU’s AML/CFT Supervisory Strategy has led to a significant increase in the FIAU’s supervisory coverage, and has also resulted in more meaningful enforcement action, including heftier pecuniary sanctions and the imposition of numerous remediation directives. These initiatives, coupled with more regular and qualitative guidance, as well as increased […]
9th April 2021 The carrying out of a business risk assessment (BRA) is an obligation that came into force as from 1st January 2018 and stems from Regulation 5(1) of the Prevention of Money Laundering and Funding of Terrorism Regulations and Section 3.3 of the FIAU Implementing Procedures Part I. The FIAU has drawn up […]