Laundering and Funding of Terrorism (Amendment) Regulations,

L.N. 284 of 2021

PREVENTION OF MONEY LAUNDERING ACT

(CAP. 373)

National Coordinating Committee on Combating Money

Laundering and Funding of Terrorism (Amendment) Regulations,

IN EXERCISE of the powers conferred by article 12A of the

Prevention of Money Laundering Act, the Minister responsible for

finance has made the following regulations:-

The title of these regulations is the National Coordinating

Committee on Combating Money Laundering and Funding of

Terrorism (Amendment) Regulations, 2021 and these regulations shall

be read and construed as one with the National Coordinating

Committee on Combating Money Laundering and Funding of

Terrorism Regulations, hereinafter referred to as "the principal

regulations".

In regulation 2 of the principal regulations, in the definition

"the Minister", the words "for Finance." shall be substituted by the

words "for Finance;" and immediately thereafter there shall be added

the following new definition

" "subject person" shall have the same meaning as

assigned to it in the Prevention of Money Laundering and

S.L. 373. 02.

Funding of Terrorism Regulations.".

Regulation 6 of the principal regulations shall be

substituted by the following new regulation

"6. (1) For the purposes of assisting in the

review of the effectiveness of the national system to

combat money laundering, the funding of terrorism and

the proliferation of weapons of mass destruction and to

contribute to the carrying out of national risk assessments,

the relevant competent authorities shall maintain

comprehensive statistical data.

(2) The comprehensive statistical data to be

maintained shall include

(a) data measuring the size and importance

of the different sectors which are subject to anti-

money laundering and counter-funding of terrorism

obligations under the Prevention of Money

Laundering and Funding of Terrorism Regulations,

including the number of subject persons and the

economic importance of each sector;

(b) the number of suspicious transaction

reports made to the Financial Intelligence Analysis

Unit and the follow up given to these reports;

(c) data identifying the number and

percentage of suspicious transaction reports

resulting in further investigations;

(d) the number of money laundering and

funding of terrorism investigations, prosecutions

and convictions, the number of persons

investigated, prosecuted and convicted for money

laundering and funding of terrorism, and the types

of underlying criminal activities, where such

information is available;

(e) the value in euro of property that has

been attached, frozen and confiscated;

(f) statistics relevant to the exchange of

information between the Financial Intelligence

Analysis Unit and foreign counterparts, including

data regarding the number of requests for

information made, received, refused and answered

in full or in part, broken down per foreign

counterpart;

(g) data on human resources available to the

Financial Intelligence Analysis Unit to carry out its

functions under article 16(1)(a), (b) and (c) of the

Act;

(h) the number of on-site and off-site

examinations carried out on subject persons with the

aim of monitoring their compliance with the

provisions of the Act and any regulations made

thereunder, the number of compliance failures or

contraventions

identified

following

such

examinations, and the number and values of

administrative measures or penalties imposed; and

(i) any other statistical data that the

Committee may request to be maintained for the

purposes set out under sub-regulation (1).

(2) The Financial Intelligence Analysis Unit shall

maintain the statistical data envisaged under paragraphs

(a), (b), (c), (f), (g) and (h);

(3) The Executive Police shall maintain

information on money laundering and funding of

terrorism investigations, as envisaged under paragraph

(d);

(4) The Attorney General shall maintain

information on money laundering and funding of

terrorism prosecutions as envisaged under paragraph (d);

(5) The Registrar of Criminal Courts shall

maintain information on money laundering and funding of

terrorism convictions as envisaged under paragraph (d);

(6) The Asset Recovery Bureau shall maintain the

statistical data envisaged under paragraph (e);

(7) The Committee shall ensure that the statistical

data envisaged under this regulation is transmitted

annually to the European Commission, and that a

consolidated review thereof is published.".

€0.27