NATIONAL COORDINATING COMMITTEE ON COMBATING MONEY LAUNDERING AND FUNDING OF TERRORISM REGULATIONS

COMBATING MONEY LAUNDERING AND

FUNDING OF TERRORISM

SUBSIDIARY LEGISLATION 373.02

NATIONAL COORDINATING COMMITTEE ON

COMBATING MONEY LAUNDERING AND FUNDING

OF TERRORISM REGULATIONS

13th April, 2018

LEGAL NOTICE 117 of 2018, as amended by Legal Notices 12 of 2019

and 284 of 2021.

(1)

The title of these regulations is the National

Coordinating Committee on Combating Money Laundering and

Funding of Terrorism Regulations.

(2) The objective of these regulations is to establish and

provide for the functions, powers and procedures of the National

Coordinating Committee on Combating Money Laundering and

Funding of Terrorism.

(1)

The terms used in these regulations shall, unless

the context otherwise requires, or unless otherwise defined in these

regulations, have the same meaning attributed to the said terms under

the Prevention of Money Laundering Act.

(2)

In these regulations, unless the context otherwise

requires

"the Act" means the Prevention of Money Laundering Act;

"the Committee" means the National Coordinating Committee

on Combating Money Laundering and Funding of Terrorism

established by regulation 3;

"the Minister" means the Minister responsible for Finance;

"subject person" shall have the same meaning as assigned to it

in the Prevention of Money Laundering and Funding of Terrorism

Regulations.

(1)

There is hereby established a National

Coordinating Committee on Combating Money Laundering and

Funding of Terrorism.

(2) The Committee shall be composed in accordance with

the provisions of article 12A(3) of the Act.

(1)

The Chairperson shall be the person referred to

in article 12A(5) of the Act.

(2) A Deputy Chairperson shall be appointed by the

Minister from among the members of the Committee.

COMBATING MONEY LAUNDERING AND

FUNDING OF TERRORISM

(3) The Chairperson shall be the Head of the Committee and

the Deputy Chairperson shall have all the powers and perform all the

functions of the Chairperson during his absence or inability to act as

Chairperson or during any vacancy in the office of Chairperson.

(1)

Apart from the functions referred to in article

12A(2) of the Act, the Committee shall also

(a)

conduct any research and studies related to the

functions of the Committee;

(b)

provide

guidance,

advice

and

make

recommendations to the Minister, on all matters relevant to the

combating of money laundering, funding of terrorism and the

financing of the proliferation of weapons of mass destruction;

(c)

conduct any necessary follow-up action to

monitor and ascertain the effective implementation of the

national strategy and policies and the actions intended to

address any threats, vulnerabilities and risks identified

following the carrying out of national risk assessments and to

keep that risk assessment up to date;

(d)

make the results of its risk assessments available

to the European Commission, the European Banking Authority

(EBA), the European Insurance and Occupational Pensions

Authority (EIOPA), the European Securities and Markets

Authority (ESMA) as well as the other Member States.

(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;

COMBATING MONEY LAUNDERING AND

FUNDING OF TERRORISM

(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

(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

COMBATING MONEY LAUNDERING AND

FUNDING OF TERRORISM

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.

(1)

The Committee shall meet within one month

from its constitution and at such regular intervals thereafter as may be

necessary, but shall as a minimum meet once every two months.

(2) The Committee shall not act unless a quorum consisting

of the Chairperson or the Deputy Chairperson together with not less

than half of the Committee members are present.

(3) Without prejudice to the provisions of sub-regulation (2),

the Committee may act notwithstanding any vacancy amongst its

members.

(4) The meetings of the Committee shall be chaired by the

Chairperson, or, in the absence of the Chairperson, by the Deputy

Chairperson.

(5) The decisions of the Committee shall be adopted by a

simple majority of the votes of the members present and voting, and,

in the event of an equality of votes, the member presiding at the

meeting shall have and exercise a second or casting vote.

(6) The Committee shall have the power to invite observers

to its meetings

Provided that such observers shall have the faculty of

participating and intervening during such meetings, but shall have no

voting rights.

(1)

There shall be set up a Committee Secretariat,

which shall be responsible for providing the necessary technical and

administrative support to the Committee and to assist it in the proper

carrying out of its functions, in particular, in the implementation of

decisions taken by the Committee.

(2) The Secretariat shall be provided with all the adequate

financial, human and technical resources as may be necessary and

expedient for its proper functioning and shall consist of such number

of appropriately skilled and specifically dedicated officials as may be

deemed necessary from time to time, and as a minimum shall consist

of two full-time persons.

COMBATING MONEY LAUNDERING AND

FUNDING OF TERRORISM

(3) The Secretariat shall have an Executive Secretary who

shall be the head of the Secretariat and who shall be responsible for

the work and management of the Secretariat. The Executive Secretary

shall also serve as Secretary to the Committee but shall not have

voting rights.

Members of the Committee, representatives appointed in

terms of regulation 3(2), experts appointed in terms of regulations

6(1) and 6(2) and members of the Secretariat shall not be liable in

damages for anything done or omitted to be done in the discharge or

purported discharge of any function under these regulations, unless

the act or omission is shown to have been done or omitted to be done,

as the case may be, in bad faith.

The members of the Committee, representatives

appointed in terms of regulation 3(2), observers invited in terms of

regulation 7(6), experts appointed in terms of regulation 6(2) and

members of the Secretariat, whether still in the service of the

Committee or not, shall treat any information acquired in the

performance of their duties or the exercise of the functions under

these regulations as confidential.

The Committee shall compile and transmit an annual

report

on its activities to the Minister.