The aim of the EU fourth anti-money-laundering directive is to further enforce the fight against tax evasion, money laundering and financing of terrorism and includes such provisions as that of the setting up of the ultimate beneficial ownership registry which is deemed quite controversial. The deadline for its implementation in the different member states was June 26th 2017. However this was missed by several.
EU to introduce fourth anti-money-laundering directive
In any case, following a tumultuous period wherein Malta was formally asked by the European Commission for explanations as to why the rules were not yet implemented, the Government has confirmed that the Bill bringing into line Maltese legislation with this directive shall be tabled in Parliament today, 2nd October 2017, for its first reading. Furthermore, additional subsidiary legislation is also in the pipeline in order to provide for further regulatory provisions and bringing together various authorities including the Registry of Companies, MFSA and FIAU that are responsible for such implementation.
