Prevention of Money Laundering


The Prevention of Money Laundering Act

The Prevention of Money Laundering Act defines the crime of money laundering along the lines adopted in the EU (91/308/EEC) and the Vienna Convention and makes it a criminal offence to utilise or to employ money derived from crime in Malta. Those who aid or abet money laundering may also commit the offence thereby reducing the possibility of our financial system being inadvertently utilized for money laundering transactions. The supervisory authorities and operators within the financial sector are duty-bound to report to the Commissioner of Police any evidence of money laundering that comes to their knowledge in the exercise of their functions. An express statutory exception has been made to the principle of professional secrecy in order to allow financial institutions, supervisory authorities, professionals, including nominee companies, acting bona fide, to communicate cases of suspected money laundering to the Commissioner of Police.

The Insider Dealing and Market Abuse Act

The Act brings Maltese legislation on insider dealing into line with EU standards. It prohibits dealing on the Stock Exchange in stocks of a company by persons who have information about the company by virtue of their being connected with it or who have information that is known to be price sensitive unpublished information. The Act defines the categories of ‘connected persons’ who may be held liable for breaches of this legislation and provides for criminal sanctions. Some of the new market abuse offences incorporated into the Act include the dissemination of false, exaggerated or misleading information, the spreading of false rumours, or the carrying out of simulated or artificial transactions which are likely to influence the price of securities.


The Professional Secrecy Act

The Professional Secrecy Act, 1994, ensures that all companies conduct their business in total privacy. Confidentiality is maintained even after liquidation and striking-off of a company. The Professional Secrecy Act makes it clear that the duty of professional secrecy does not only extend to government officials and to professionals, but also to their employees and agents. All secret information communicated for professional or government reasons is protected by penal sanctions. However, an express statutory exception has been made to the rules governing professional secrecy in order to allow financial operators and supervisory authorities to communicate cases of suspected money laundering to the Police.

Practice Areas

Cefai & Associates Advocates & Tax Consultants
5/1, Merchant Street, Valletta, VLT10 - Malta

Phone: (+356) 21 222 097

Fax: (+356) 21 249 950
Skype: adrianocefai1980

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