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Valletta customs officials seize €15,000 in cash found hidden inside car en route to Sicily Two men were found to have underdeclared the amount of cash they were carrying by some €9000 8 May 2021, 1:25pm by Matthew Agius Customs Anti Money Laundering officers conducting currency checks at the the Valletta seaport, have seized over €15,000 after a false declaration was made by two Italian nationals, the first time since a change in the law allowing them to do so was introduced. AMLT Customs officials had approached the men’s vehicle at the Catamaran s departure point, while it was queuing to embark the Catamaran. The officials asked the two passengers if they had anything to declare, to which they responded in the negative. When asked to declare how much money they were each carrying they replied €6,000 and €35 respectively. ....
Daniel Bilocca, compliance and risk director at NOUV, gives an overview of what legislative instruments have strengthened AML compliance in Malta. 2020 shall be remembered by Malta’s AML compliance experts for the numerous key legal amendments that have started turning the method of AML compliance enforcement over its head: the result of the publication of different acts and legal notices. Malta’s initial step was to bolster its competent authority, the Financial Intelligence Analysis Unit (FIAU) to safeguard its transparency. Malta’s very first legislative Act of the year implemented the following measures: i. The FIAU was granted the right to establish, manage and administer a central bank account registry for Malta which as per Legal Notice 401 of 2020 (the Centralised Bank Account Register Regulations), shall contain ‘data and information on accounts identified by IBAN held by credit and financial institutions and on safe custody services provided by cred ....