The MFSA would like to bring to the attention of all persons licenced, authorised or otherwise approved to carry out relevant financial business and trustee / fiduciary services (“subject persons”), as defined in the Prevention of Money Laundering and Funding of Terrorism Regulations (Legal Notice 180 of 2008)(“PMLFTR”), that Part I of the Implementing Procedures has been issued by the FIAU and has come into force on the 20th May 2011 (Government Notice 460 – The Malta Government Gazette – Friday 20th May 2011). Insurers authorised to carry on long term business and who have enrolled persons to act on their behalf in the Tied Insurance Intermediaries List are kindly asked to bring this Notice to the attention of these enrolled persons.

The Implementing Procedures are being issued in terms of Regulation 17 of the PMLFTR and are binding on all subject persons with immediate effect. Subject persons are hereby being notified that a transitory period ending on 30th September 2011 is being granted to enable subject persons to bring their procedures in line with the Implementing Procedures.

As from the date of the entry into force of the Implementing Procedures, subject persons falling under the regulatory or supervisory functions of the MFSA shall no longer be required to inform the MFSA when a disclosure is made to the FIAU in accordance with the PMLFTR.

Dr André Camilleri
Director General

MFSA Ref: 25-2011