Anti-money laundering directive: European Commission monitoring Malta

The European Commission will continue to monitor Malta’s application of the new anti-money laundering rules that came into force in January, Times of Malta has learnt.

On Friday, the Commission sent legal warnings to eight member states over delays to apply the fifth anti-money laundering directive, initiating the first step in a lengthy legal procedure that could result in fines being imposed on the countries if they fail to apply the new rules correctly. Malta avoided being one of these eight countries after it enacted the main act that brings into effect the latest directive, last week.

Despite this, it has so far only partially transposed the directive, with a Commission spokeswoman telling Times of Malta that Brussels is currently in the process of examining the measures taken by the government.

“In a second stage, the Commission Services will verify also the conformity with the fifth anti-money laundering directive of the measures adopted.

“We will continue to closely monitor the application of these rules and will liaise closely with competent national authorities to ensure that they are implemented correctly and on time,” the spokeswoman said.

According to Finance...