Resources
ANNUAL REPORTS
The NCC publishes the annual reports in accordance with Article 11 of the National Coordinating Committee on Combating Money Laundering and Funding of Terrorism Regulations, Subsidiary Legislation 373.02. These reports contain information on the operations together with details of other developments and initiatives of the National Coordinating Committee on Combating Money Laundering and Funding of Terrorism and the supporting Secretariat during the year under review.
RISK ASSESSMENTS
MALTA’S 2023 NATIONAL MONEY LAUNDERING, TERRORIST FINANCING, PROLIFERATION FINANCING AND TARGETED FINANCIAL SANCTIONS RISK ASSESSMENT
Malta’s 2023 National Risk Assessment consists of a comprehensive assessment of the country’s exposure to threats and vulnerabilities stemming from money laundering, terrorist financing, proliferation financing, and targeted financial sanction risks. This National Risk Assessment was coordinated by the National Coordinating Committee on Combating Money Laundering and Funding of Terrorism (NCC) in close cooperation with all government authorities involved in the fight against financial crime and representative bodies from the private sector.
KEY RESULTS OF THE RISK ASSESSMENT OF TAX OFFENCES AND RELATED MONEY LAUNDERING
In November 2021 Malta completed a risk assessment on tax evasion both in terms of laundering the proceeds of domestic tax evasion and in terms of potential tax evasion abroad with the laundering the foreign proceeds of crime in Malta. This is the first detailed risk assessment examining the risks of money laundering from tax evasion. The purpose of this risk assessment is two-fold: (i) to establish a common understanding of the existing risks regarding ML in Malta of the proceeds of tax crime (domestic and foreign), asses the quality of existing mitigation measures, and foster effective risk based effort in prevention detection investigation and prosecution of these crimes by all authorities; and (ii) for the benefit of the private sector, identifying red flags and indicators to assist them in their obligations with regard to preventative measures and especially improving the quality of tax related suspicious transaction reports. The document in the following link presents the key conclusions on the inherent risk, vulnerabilities and residual risk, and the recommended actions to improve the control framework to mitigate the identified risks.
LEGAL ENTITIES, LEGAL ARRANGEMENTS AND VOLUNTARY ORGANISATIONS
A sectoral risk assessment in the area of legal entities, legal arrangements and Voluntary Organizations was necessary, and this is especially so in view of the fact that these sectors do not represent a specific ‘sector’ of the economy, but rather they constitute the structures through which a nation’s economic activity is delivered. The NCC in 2019 led the exercise for the completion of thematic risk assessments, including for legal entities and arrangements. This sectoral risk assessment was a national effort and incorporated data and expertise from relevant authorities and the private sector.
TERRORISM FINANCING AND NATIONAL CFT STRATEGY
Risk assessments are necessary, and this is especially so in view of the fact that the FATF guidelines recommend that it is important that countries assess and continue to monitor their TF risks regardless of the absence of known threats. The NCC in 2019 led the exercise for the completion of thematic risk assessments, including for terrorism financing, the focus of this analysis. In fact, this paper presents the salient points emerging from this sectoral risk assessment which was a national effort and incorporated data and expertise from relevant authorities. For competent authorities, the risk assessment will help prioritise efforts and resources using a risk-based approach. For the private sector, it will allow for the development of proportionate and effective controls.VIRTUAL FINANCIAL ASSETS
A sectoral risk assessment in the area of legal entities, legal arrangements and Voluntary Organizations was necessary, and this is especially so in view of the fact that these sectors do not represent a specific ‘sector’ of the economy, but rather they constitute the structures through which a nation’s economic activity is delivered. The NCC in 2019 led the exercise for the completion of thematic risk assessments, including for legal entities and arrangements. This sectoral risk assessment was a national effort and incorporated data and expertise from relevant authorities and the private sector.
LEGISLATION
Act No. V of 2021 – Proceeds of Crime Act
Bill No 88 Various Laws (Better Administration of Justice) (Amendment) Bill
Criminal Code (Cap. 9 of Laws of Malta)
Legal Notice 254 of 2017 – Asset Recovery Bureau Regulations (S.L.9.23) Commencement Notice
Act LXVIII of 2021 which amends the Proceeds of Crime Act (Chapter 621 of the Laws of Malta)
L.N. 401 of 2020 – CBAR Regulations
Prevention of Money Laundering (CAP327) Use of Cash (Restriction) Regulation, 2021
Legal Notice 26 of 2020 – Amending the PMLFTR to transpose a number of 5th AMLD provisions
Prevention of Money Laundering Act (Cap.373 of Laws of Malta)
Prevention of Money Laundering and Funding of Terrorism Regulations (Subsidiary Legislation 373.01)
S.L. 583.03 – Gaming Licence Fees Regulations
S.L. 583.04 – Gaming Definitions Regulations
S.L. 583.05 – Gaming Authorisations Regulations
S.L. 583.06 – Gaming Compliance and Enforcement Regulations
S.L. 583.07 – Gaming Premises Regulations
S.L.583.08 – Gaming Player Protection Regulations
S.L. 583.09 – Gaming Commercial Communications Regulations Regulations
S.L.583.10 – Gaming Tax Regulations
S.L.583.11 – Social Causes Fund Regulations
S.L.583.12 – Retention of Data (MGA) Regulations
Directive on the Key Function of the Prevention of Money Laundering and the Financing of Terrorism
Fifth Anti-Money Laundering Directive (EU) 2018/843
Regulation (EU) 2015/849 – Fourth Money Laundering Directive
Directive (EU) 2018/843 – Directive Amending the Fourth Money Laundering Directive
Regulation (EU) 2015/847 – Information accompanying transfers of funds
2005/60/EC – Third Money Laundering Directive
2006/70/EC – Implementation Directive
Directive (EU) 2018/843 – Fifth Anti-Money Laundering Directive
