The Prevention of Money Laundering and Funding of Terrorism Regulations 2017 (“PMLFTR 2017”) have been introduced by means of Legal Notice 372 of 2017, and repeal the Prevention of Money Laundering and Funding of Terrorism Regulations 2008.
The FIAU has acknowledged that there exist certain inconsistencies between the obligations under the current Implementing Procedures and those set out in the revised PMLFTR 2017. It has therefore noted that, until the Implementing Procedures are updated, the FIAU will not insist on a strict application of the rules contained in the Implementing Procedures and will instead consider their application a risk-sensitive basis. Moreover, in case of conflict between the Implementing Procedures and the PMLFTR 2017, the latter shall prevail.
The PMLFTR 2017 can be accessed here.