Regulatory Alerts2012-02-24
Added · Updated
MFSA Notice to Financial Services Licence Holders – FATF – International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation
Financial services licence holders are advised to review and familiarise themselves with the revised FATF Recommendations, which replace the former 40 Recommendations and 9 Special Recommendations on Terrorist Financing. The revised standards integrate counter-terrorist financing measures with anti-money laundering controls, address the financing of proliferation of weapons of mass destruction, and expand money laundering predicate offences to include tax crimes. These changes, which include stronger requirements for politically exposed persons and an enhanced risk-based approach, will be implemented in Maltese Prevention of Money Laundering and Funding of Terrorism legislation in due course.
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