ACT No. VIII of 2023 AN ACT to amend the Prevention of Money Laundering Act, Cap. 373.

I assent.

(L.S.)

GEORGE VELLA

President

14th March, 2023

ACT No. VIII of 2023

AN ACT to amend the Prevention of Money Laundering Act, Cap. 373.

BE IT ENACTED by the President, by and with the advice and

consent of the House of Representatives, in this present Parliament

assembled, and by the authority of the same, as follows:-

The short title of this Act is the Prevention of Money Short title.

Laundering (Amendment) Act, 2023 and this Act shall be read and Cap. 373.

construed as one with the Prevention of Money Laundering Act,

hereinafter referred to as "the principal Act".

Article 19 of the principal Act shall be amended by the Amendment of

article 19 of the

following

principal Act.

(a) sub-article (1) thereof shall be substituted by the

following new sub-article

"(1) The Board shall consist of

(a) the Commissioner of Police or a senior

official selected by him to serve as a member of

the Board in his stead from amongst the officials

receiving a full-time employment salary with the

Malta Police Force;

(b) the Commissioner for Revenue or a

senior official selected by him to serve as a

member of the Board in his stead from amongst

the officials receiving a full-time employment

salary with the revenue departments;

(c) three (3) members appointed by the

Minister in the manner provided in sub-article (2);

(d) not more than two (2) other members,

as may be requested by the Board, appointed by

the Minister in the manner provided in sub-article

(3)

Provided that the Commissioner of

Police and the Commissioner for Revenue shall

inform the Minister whether they are to sit on the

Board or otherwise who they have selected as a

member.";

(b) sub-article (2) thereof shall be substituted by the

following new sub-article

"(2) The Minister shall appoint the three (3)

members referred to in sub-article (1)(c) by selecting one

(1) member from each of three (3) panels, and each panel

shall have at least three (3) persons, nominated

respectively by the Governor of the Central Bank of Malta,

the Chairman of the Malta Financial Services Authority,

and the Chairperson of the Malta Gaming Authority from

amongst the officials receiving a full-time employment

salary with their respective authority or entity.";

(c) in sub-article (3) thereof the words "sub-article

(1)(b)" shall be substituted by the words "sub-article (1)(d)" and

immediately after the words "by the authority to be indicated by

the Board" there shall be added the words "from amongst the

officials receiving a full-time employment salary of the

respective authority or entity";

(d) sub-article (4) thereof shall be substituted by the

following new sub-article

"(4) A member of the Board selected in terms of

paragraph (a) or paragraph (b) of sub-article (1) or

appointed under sub-articles (2) or (3) shall hold his office

for a period of five (5) years and may, on the expiration of

his term of his office, be selected or appointed again to the

Board, and all members of the Board shall receive such

remuneration as the Minister may, from time to time,

determine.";

(e) in sub-article (6) thereof the words "to be appointed,

or to hold office" shall be substituted by the words "to be

appointed, selected, or to hold office" and paragraph (d) thereof

shall be substituted by the following new paragraph

"(d) is required to be an officer receiving a full-time

employment salary with a specific authority or entity, and

he does not or no longer meets the said requirement; or";

(f) in sub-article (7) thereof, the words "may be deemed

to amount to misbehaviour." shall be substituted by the words

"may be deemed to amount to misbehaviour:" and immediately

thereafter there shall be added the following new proviso

"Provided that a member selected in terms of

paragraph (a) or (b) of sub-article (1) may only be relieved

of his office by the Commissioner of Police or the

Commissioner for Revenue, as may be applicable, on the

grounds that such member is no longer able to perform the

functions of his office as set out in this sub-article, and the

Minister shall be informed of any such removal.";

(g) sub-article (8) thereof shall be substituted by the

following new sub-article

"(8) A member of the Board may also resign from

office by letter addressed to the Minister or, where he has

been selected in terms of paragraph (a) or (b) of sub-article

(1), by letter addressed to the Commissioner of Police or

the Commissioner for Revenue, as may be applicable, and

the Minister.";

(h) sub-article (9) thereof shall be substituted by the

following new sub-article

"(9) Where any vacancy occurs in the composition

of the members of the Board for any reason other than the

lapse of the term of office, that vacancy shall, for the

remainder of the term of office which has become vacant,

be filled

(a) by another member selected by the

Commissioner of Police or the Commissioner for

Revenue, or themselves, as may be applicable, where

the vacancy relates to a member selected in

accordance with paragraph (a) or (b) of sub-article

(1); or

(b) by another member appointed by the

Minister from among a panel of not less than three

(3) persons nominated by the official who nominated

the panel from among whom the member who

vacated office had been appointed in accordance with

paragraph (c) or (d) of sub-article (1), with the

nominations being selected from amongst the

officials receiving a full-time employment salary

with the respective authority or entity."; and

(i) immediately after sub-article (9) thereof there shall

be added the following new sub-article

"(10) For the purposes of this article "revenue

departments" shall have the same meaning

attributed to it under the Commissioner for

Revenue Act.".

Passed by the House of Representatives at Sitting No. 97 of the 8th

ANĠLU FARRUGIA

Speaker

RAYMOND SCICLUNA

Clerk of the House of Representatives

€0.54