Following the coming into force of the Various Financial Services Laws (Amendment) Act, 2017 (Act XXVIII of 2017) on the 1st December 2017, publication of administrative penalties imposed by the Financial Intelligence Analysis Unit (“FIAU”) for one or more contraventions of the Prevention of Money Laundering Act (“PMLA”) and/or of the Prevention of Money Laundering and Funding of Terrorism Regulations no longer falls under Article 13A of the PMLA but by the new Article 13C.
Article 13C now provides for the publication of administrative penalties where these exceed €10,000 and have become final and due. Publication is to take place in accordance with policies and procedures set by the FIAU’s Board of Governors.
The then-existing Policies and Procedures were revised on the 22nd December 2017, to take into account the changes brought about by the new Act as well as the requirements of Directive (EU) 2015/849 relative to the publication of administrative sanctions.
The revised version of the said policies and procedures is available on the FIAU’s website and can be accessed through the following link – http://www.fiumalta.org/penalties .
The FIAU advises subject persons to become familiar with these policies and procedures.
Queries on the matter are to be sent to firstname.lastname@example.org.