Prevention of Money Laundering and Funding of Terrorism

L.N. 202 of 2012

PREVENTION OF MONEY LAUNDERING ACT

(CAP. 373)

Prevention of Money Laundering and Funding of Terrorism

(Amendment) Regulations, 2012

IN exercise of the powers conferred by article 12 of the

Prevention of Money Laundering Act, the Minister of Finance, the

Economy and Investment has made the following regulations:-

The title of these regulations is the Prevention of Money

Laundering and Funding of Terrorism (Amendment) Regulations,

2012, and these regulations shall be read and construed as one with

the Prevention of Money Laundering and Funding of Terrorism

Regulations, hereinafter referred to as "the principal regulations".

Regulation 2 of the principal regulations shall be amended

(a)

sub-regulation (1) thereof shall be amended as

(i) immediately after the definition "EEA State",

there shall be added the following new definition

" "European Supervisory Authorities" means the

European Supervisory Authority (European

Banking Authority), established by Regulation

(EU) No 1093/2010 of the European Parliament

and of the Council, the European Supervisory

Authority (European Insurance and Occupational

Pensions Authority) established by Regulation

(EU) No 1094/2010 of the European Parliament

and of the Council and the European Supervisory

Authority (European Securities and Markets

Authority) established by Regulation (EU) No

1095/2010 of the European Parliament and of the

Council;";

(ii) paragraph (c) of the definition "relevant

financial business" shall be substituted by the following

new paragraph

" "(c) long term insurance business

carried on by a person or institution who is

for the time being authorised, or required to

be authorised, under the provisions of the

Insurance Business Act or enrolled or

required to be enrolled under the provisions

of the Insurance Intermediaries Act, any

business of affiliated insurances carried on

by a person in accordance with the Insurance

Business (Companies Carrying on Business

of Affiliated Insurance) Regulations, any

long term insurance business carried on by a

cell company in accordance with the

provisions of the Companies Act (Cell

Companies Carrying on Business of

Insurance) Regulations and any long term

insurance business carried on by an

incorporated cell company and an

incorporated cell in accordance with the

provisions of the Companies Act

(Incorporated Cell Companies Carrying on

Business of Insurance) Regulations;";

(iii) in the definition "supervisory authority",

immediately after paragraph (k), there shall be inserted the

following new paragraph

" "(l) the Quality Assurance Oversight

Committee appointed by the Accountancy

Board under the Accountancy Profession

Act;";

(b) in sub-regulation (4) thereof, for the words

"Member States of the Community and the European Union

Commission", there shall be substituted the words "Member

States of the Community, the European Union Commission and

the European Supervisory Authorities to the extent relevant for

the purposes of Directive 2005/60/EC and in accordance with

the relevant provisions of Regulation (EU) No 1093/2010,

Regulation (EU) No 1094/2010 and Regulation (EU) No

1095/2010,"; and

(c)

immediately after sub-regulation (4) thereof, there

shall be added the following new sub-regulation

"(5) The Financial Intelligence Analysis Unit shall

cooperate with the European Supervisory Authorities for

the purposes of Directive 2005/60/EC and it shall provide

the European Supervisory Authorities with any

information which is necessary to carry out their duties

under Directive 2005/60/EC and under Regulation (EU)

No 1093/2010, Regulation (EU) No 1094/2010 and

Regulation (EU) No 1095/2010.".

Regulation 6 of the principal regulations shall be amended

as follows

(a)

sub-regulations (3) and (4) thereof shall be

renumbered as sub-regulations (4) and (5) respectively;

(b) immediately after sub-regulation (2) thereof there

shall be added the following new sub-regulation

"(3) In fulfilling their obligations under sub-

regulation (2), subject persons carrying out relevant

financial business shall comply with any regulatory

technical standards developed by the European

Supervisory Authorities in accordance with Article 56 of

Regulation (EU) No 1093/2010, Regulation (EU) No 1094/

2010 and of Regulation (EU) No 1095/2010 respectively

which may be adopted by the European Union

Commission setting out the minimum content of the

communication referred to in sub-regulation (2)(a), the

type of additional measures referred to in sub-regulation

(2) and the minimum action to be taken by subject persons

carrying out relevant financial business."; and

(c)

in sub-regulation (4) thereof, as renumbered, for the

words "the other Member States of the Community, and the

European Union Commission accordingly", there shall be

substituted the words “the other Member States of the

Community, the European Union Commission and the European

Supervisory Authorities to the extent relevant for the purposes

of Directive 2005/60/EC and in accordance with the relevant

provisions of Regulation (EU) No 1093/2010, of Regulation

(EU) No 1094/2010 and of Regulation (EU) No 1095/2010,

accordingly".

€0.27