Prevention of Money Laundering and Funding of Terrorism

L.N. 78 of 2015

PREVENTION OF MONEY LAUNDERING ACT

(CAP. 373)

Prevention of Money Laundering and Funding of Terrorism

(Amendment) Regulations, 2015

IN exercise of the powers conferred by article 12 of the

Prevention of Money Laundering Act, the Minister for Finance has

made the following regulations:-

The title of these regulations is the Prevention of Money

Laundering and Funding of Terrorism (Amendment) Regulations,

2015, 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".

In sub-regulation (4) of regulation 21 of the principal

regulations, for the words "the Financial Intelligence Analysis Unit

may, where the circumstances so warrant, issue a reprimand in writing

instead of an administrative penalty." there shall be substituted the

words "the Financial Intelligence Analysis Unit may, where the

circumstances so warrant, impose an administrative penalty below the

minimum established by these regulations but not less than two

hundred and fifty euro (€250) or issue a reprimand in writing instead of

an administrative penalty.".

€0.09