FIAU Press Release on Penalties

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 … Continued

Anti-Money Laundering – New Rules in Force

The 4th Anti Money Laundering Directive (AMLD 4) is aimed at preventing the use of the financial system for money laundering or financing of terrorism, based on the principle that illicit money being channeled through the financial system cause damage to the stability, integrity and reputation of the financial sector – not only of the Member State where this occurs but also that of the entire Union.     The crimes in question have developed with time, so that it … Continued