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Legal & Corporate

12
Nov

Malta clarifies beneficial ownership reporting procedure

Malta’s Financial Intelligence Analysis Unit (FIAU) has clarified the procedure for establishing the identity of the ultimate beneficial owner where the shares of a corporate customer are owned by a trust or foundation. The guidance comes in a revised version of its implementing procedures, published on 18 October to incorporate recent legislative changes. Some of […]

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28
May

‘Europe’s moment’ as EU seeks consensus on €750bn recovery fund

The EU has put forward proposals for a "Next Generation" rescue package worth some €750bn in borrowing to bankroll the continent's recovery efforts. Ursula von der Leyen, president of the European Commission, described the package as "an urgent and exceptional need for an urgent and exceptional crisis." Addressing the European parliament, von der Leyen said: "Things [...]
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20
May

EU issues formal notice to 17 member states over money laundering directive

More than half of the EU's member states have failed to fully implement the bloc's 5th Anti-Money Laundering Directive onto their respective statute books, the European Commission (EC) confirmed today. The EC, the EU's executive arm, said 17 countries had missed the official deadline of 10 January 2020. The EC has sent letters of formal [...]
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16
May

European Council Adopts Fifth EU Anti-Money Laundering Directive

The European Council has issued the following press release: On May 14 2018, the Council adopted a directive strengthening EU rules to prevent money laundering and terrorist financing. The directive sets out to close down criminal finance without hindering the normal functioning of payment systems. Amending directive 2015/849, it is part of an action plan launched after a spate […]

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06
Jul

Prevention of Money Laundering and Funding of Terrorism Regulations

The Financial Intelligence Analysis Unit (FIAU) has published on the 6 July 2017, a reviewed version of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) for consultation. The purpose of the PMLFTR revised version is to implement into Maltese law, various provisions of EU Directive 2015/849 of the European Parliament and of […]

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