Amendments To The Prevention Of Money Laundering and Funding Of Terrorism Regulation

Following a series of constitutional cases involving the Financial Intelligence and Analysis Unit (“FIAU”) whereby subject persons were alleging that the fines being imposed were disproportionate, the Prevention of Money Laundering and Funding of Terrorism Regulation, Subsidiary Legislation 373.01 (“PMLFTR”) has been recently amended by virtue of Legal Notice 199 of 2021 to reflect our Courts’ interpretation and thus, proffer some clarity on the matter.

Regulation 21 of the PMLFTR now caps administrative penalties at five million euro (€5,000,000) in cases of serious, systemic and repeated contraventions. Alternatively, where the FIAU deems that such penalty is insufficient, it may opt to fine the subject person an administrative penalty of not more than ten (10) per cent of the business’s annual turnover according to the latest available approved annual financial statements.

Other amendments to the PMLFTR can be viewed here

For further information or any assistance, kindly contact us on [email protected].

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