The FIAU is today launching a consultation exercise on the revision of the Implementing Procedures – Part II addressed to the Virtual Financial Assets Sector. The proposed changes complement the proposed amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) that were issued for consultation on 30 July 2024.
These efforts seek to align the domestic AML/CFT framework with recent EU and local legislative developments in the crypto-assets sector, namely the MiCA Regulation, the recast of the Transfer of Funds Regulation, the amendments to the 4AMLD and the recent amendments to the Virtual Financial Assets Sector. The revisions also reflect the revised EBA ML/FT Risk Factor Guidelines that were published on 16 January 2024.
The consultation document may be accessed on the FIAU’s website by clicking the following link. Interested parties may submit their feedback via email on [email protected] by not later than Friday 29 November 2024.