| CODE | BKF3341 | ||||||||||||
| TITLE | Prevention of Money Laundering and Counter Terrorism Financing | ||||||||||||
| UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | ||||||||||||
| MQF LEVEL | 6 | ||||||||||||
| ECTS CREDITS | 4 | ||||||||||||
| DEPARTMENT | Banking, Finance and Investments | ||||||||||||
| DESCRIPTION | This study-unit will provide an introduction to Anti-Money Laundering and Financing of Terrorism issues focusing on the regulation that a number of institutions have to implement as part of their day-to-day operations. It will approach the topic in a holistic way providing both the rationale for this type of regulation as well as its practical implementation on a day-to-day basis. Study-unit Aims: The study-unit aims at providing participants with a detailed overview of the trends, risks and vulnerabilities, the regulation, supervision and enforcement in the field of AMLCFT. It is structured over fourteen lectures of two hours each, which will be held during the first semester of every academic year. By offering this unit, the Banking and Finance Department of the University of Malta is confident that its graduates will be well equipped to deal with the AMLCFT issues in the future. The Banking and Finance Department’s unit on AMLCFT is unique. It is designed for students who would like to pursue a career in financial services. The AMLCFT unit provides detailed knowledge together with practical skills in order that students are able to undertake their responsibilities more efficiently and effectively once they embark on their profession. By drawing upon international best practice, it helps prepare individuals to adapt to the external environment. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - Communicate the importance of preventing Money Laundering and Financing of Terrorism; - Describe the rules and regulations regarding the prevention of Money Launering and Financing of Terrorism; - List the organisations and their respective roles in Malta which are involved in the prevention of Money Launering and Financing of Terrorism; - Implement the rules and regulations regarding the prevention of Money Launering and Financing of Terrorism; - Identify instances of Money Launering and Financing of Terrorism. 2. Skills By the end of the study-unit the student will be able to: - Integrate and work in a compliance department of a subject person organisation; - Apply the rules and regulations on the prevention of Money Launering and Financing of Terrorism; - File suspicious transaction reports when they identify instances of Money Launering and Financing of Terrorism; - Interpret and implement the rules and regulations regarding the prevention of Money Launering and Financing of Terrorism; - Identify instances of Money Launering and Financing of Terrorism. Main Text/s and any supplementary readings : International Standards - Financial Action Task Force –International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation - http://www.fatf-gafi.org/publications/fatfrecommendations/documents/fatf-recommendations.html - United Nations website - section on Money Laundering, Proceeds of Crime and the Financing of Terrorism - https://www.unodc.org/unodc/en/money-laundering/index.html - International Monetary Fund website – section Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) - https://www.imf.org/external/np/leg/amlcft/eng/ European Union - 4th Anti Money Laundering Directive (DIRECTIVE (EU) 2015/849) - https://fiaumalta.org/wp-content/uploads/2020/05/EU-Regulation-EU-2015849-Fourth-Money-Laundering-Directive-.pdf - 5th Anti Money Laundering Directive (DIRECTIVE (EU) 2018/843) - https://fiaumalta.org/wp-content/uploads/2020/05/EU-Directive-EU-2018843-Directive-Amending-the-Fourth-Money-Laundering-Directive.pdf Maltese Legislation and Regulation - Prevention of Anti Money Laundering Act https://legislation.mt/eli/cap/373/eng/pdf - Prevention of Anti Money Laundering Regulations - https://legislation.mt/eli/sl/373.1/eng/pdf - National Interest (Enabling Powers) Act, (Sanctions Monitoring Board) https://legislation.mt/eli/cap/365/eng/pdf - Financial Intelligence and Analysis Unit Implementing Procedures https://fiaumalta.org/consultation-publications/#implementing-procedures - Malta Financial Services Authority Act - https://legislation.mt/eli/cap/330/eng/pdf - Virtual Financial Assets Act https://legislation.mt/eli/cap/590/eng/pdf - National Risk Assessment – Money Laundering and Terrorist Financing - https://finance.gov.mt/en/Library/Documents/Result_of_the_NRA_2018.pdf Supplementary Texts: Academic Papers: - Agca, Senay and Slutzky, Pablo and Zeume, Stefan, Anti-Money Laundering Enforcement, Banks, and the Real Economy (October 2, 2020). Available at SSRN: https://ssrn.com/abstract=3555123 or http://dx.doi.org/10.2139/ssrn.3555123 - Bryans, Danton, Bitcoin and Money Laundering: Mining for an Effective Solution. 89 Ind. L.J. 441 (2014), Available at SSRN: https://ssrn.com/abstract=2317990 - Buttigieg, Christopher P. and Efthymiopoulos, Christos and Attard, Abigail and Cuyle, Samantha, Anti-Money Laundering Regulation of Crypto Assets in Europe’s Smallest Member State (2019). Christopher P. Buttigieg, Christos Efthymiopoulos, Abigail Attard & Samantha Cuyle (2019): Anti-money laundering regulation of crypto assets in Europe’s smallest member state, Law and Financial Markets Review, DOI: 10.1080/17521440.2019.1663996, Available at SSRN: https://ssrn.com/abstract=3606731 - Carr, Indira M. and Goldby, Miriam, The United Nations Anti-Corruption Convention and Money Laundering (May 25, 2009). Available at SSRN: https://ssrn.com/abstract=1409628 or http://dx.doi.org/10.2139/ssrn.1409628 - Chaikin, David A., Risk-Based Approaches to Combating Financial Crime (2009). Journal of Law and Financial Management, Vol. 8, No. 2, pp. 20-27, 2009, Available at SSRN: https://ssrn.com/abstract=1560228 - Chohan, Usman W., The FATF in the Global Financial Architecture: Challenges and Implications (March 14, 2019). CASS Working Papers on Economics & National Affairs, EC001UC (2019), Available at SSRN: https://ssrn.com/abstract=3362167 or http://dx.doi.org/10.2139/ssrn.3362167 - Cuéllar, Mariano-Florentino, The Tenuous Relationship Between the Fight Against Money Laundering and the Disruption of Criminal Finance. Journal of Criminal Law and Criminology, Vol. 93, p. 311, 2003, Stanford Public Law Working Paper No. 64, Available at SSRN: https://ssrn.com/abstract=354740 or http://dx.doi.org/10.2139/ssrn.354740 - Dalla Pellegrina, Lucia and Masciandaro, Donato, The Risk Based Approach in the New European Anti-Money Laundering Legislation: A Law and Economics View (July 2008). Paolo Baffi Centre Research Paper No. 2008-22, Available at SSRN: https://ssrn.com/abstract=1182245 or http://dx.doi.org/10.2139/ssrn.1182245 - Esoimeme, Ehi, Ehi’s Predictions for the Anti-Money Laundering Sector in 2021 (December 19, 2020). Sanction Scanner 2020, Available at SSRN: https://ssrn.com/abstract=3752074 or http://dx.doi.org/10.2139/ssrn.3752074 - Haffke, Lars and Fromberger, Mathias and Zimmermann, Patrick, Virtual Currencies and Anti-Money Laundering – The Shortcomings of the 5th AML Directive (EU) and How to Address Them (February 3, 2019). Journal of Banking Regulation (2020), Volume 21, Issue 2, pp. 125-138, Available at SSRN: https://ssrn.com/abstract=3328064 or http://dx.doi.org/10.2139/ssrn.3328064 - Kang, Sungyong, Rethinking the Global Anti-money Laundering Regulations to Deter Corruption (March 30, 2018). Submitted Manuscript Under Review(SMUR) version, 67(3) International and Comparative Law Quarterly 695 (Cambridge University Press, 2018), Available at SSRN: https://ssrn.com/abstract=3430159 - Perlman, Leon and Gurung, Nora, Focus Note: The Use of eKYC for Customer Identity and Verification and AML (May 11, 2019). Available at SSRN: https://ssrn.com/abstract=3370665 or http://dx.doi.org/10.2139/ssrn.3370665 |
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| STUDY-UNIT TYPE | Lecture | ||||||||||||
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| LECTURER/S | Christopher Peter Buttigieg |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2024/5. It may be subject to change in subsequent years. |
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