| CODE | ISR5038 | ||||||
| TITLE | Prevention of Money Laundering and Funding of Terrorism | ||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||
| MQF LEVEL | 7 | ||||||
| ECTS CREDITS | 10 | ||||||
| DEPARTMENT | Insurance and Risk Management | ||||||
| DESCRIPTION | This unit unifies key aspects of AML/CFT frameworks in the EU and Malta with practical considerations of the roles of Money Laundering Reporting Officers (MLROs). It provides an extensive exploration of the regulatory landscape, including the EU’s Anti-Money Laundering Directives (AMLDs) and Malta’s Prevention of Money Laundering Act (PMLA), alongside the operational roles of entities like Malta's FIAU, MBR, NCC, and the MFSA. The unit emphasizes practical applications, focusing on compliance monitoring, reporting obligations, and the implementation of AML/CFT policies. Real-world case studies and interaction with regulatory bodies, including adherence to EU directives and standards, form a significant part of the curriculum. Study-unit Aims: - To provide a comprehensive application of AML/CFT regulations and their practical application in Malta and the EU; - To explore the roles and challenges faced by MLROs in implementing effective AML/CFT strategies within financial entities; - To identify the regulatory frameworks governing AML/CFT, including EU and Maltese laws and directives; - To analyze the roles and responsibilities of key institutions and MLROs in enforcing AML/CFT regulations; - To assess the practical challenges and solutions in compliance and enforcement of AML/CFT frameworks. - To explore best practices for MLROs in monitoring, reporting, and ensuring compliance. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - Identify the main provisions of the EU AMLDs, Malta's PMLA, and their implementation by entities like the MFSA, FIAU, MBR, and NCC; - Communicate the importance of preventing Money Laundering and Financing of Terrorism; - Describe the rules and regulations regarding the prevention of Money Laundering and Financing of Terrorism; - List the organisations and their respective roles in Malta which are involved in the prevention of Money Laundering and Financing of Terrorism; - Implement the rules and regulations regarding the prevention of Money Laundering and Financing of Terrorism; - Identify instances of Money Laundering and Financing of Terrorism. 2. Skills By the end of the study-unit the student will be able to: - Implement Regulatory Frameworks and apply guidelines and frameworks in real-world financial scenarios, focusing on compliance impacts; - Navigate Regulatory Challenges and manage the complex regulatory landscape faced by MLROs in Malta and the EU; - Engage with Regulatory Bodies and manage relationships and reporting obligations with bodies like the FIAU and MFSA; - Apply Practical Skills in compliance monitoring, reporting suspicious activities, and maintaining AML/CFT controls; - Integrate and work in a compliance department of a subject person organisation; - Apply the rules and regulations on the prevention of Money Laundering and Financing of Terrorism; - File suspicious transaction reports when they identify instances of Money Laundering and Financing of Terrorism; - Interpret and implement the rules and regulations regarding the prevention of Money Laundering and Financing of Terrorism; - Identify instances of Money Laundering and Financing of Terrorism. Main Text/s and any supplementary readings: - EU Anti-Money Laundering Directives (AMLDs): The series of directives from the EU, particularly the 4th, 5th, and 6th AMLDs, provide the core legal framework for AML/CFT in the EU. (https://www.eba.europa.eu/regulation-and-policy/single-rulebook/interactive-single-rulebook/101792) - Financial Action Task Force (FATF) Recommendations: The FATF's 40 recommendations are crucial for understanding international standards in AML/CFT. ( https://www.fatf-gafi.org/content/dam/fatf-gafi/recommendations/FATF%20Recommendations%202012.pdf.coredownload.inline.pdf ) - Malta’s Prevention of Money Laundering Act (PMLA): This Act is the cornerstone of Malta's legal framework for AML/CFT. - (https://legislation.mt/eli/sl/373.1/eng/pdf) - Malta Financial Services Authority (MFSA) Regulations and Guidelines: MFSA’s specific guidelines and regulations for AML/CFT compliance are vital for the Maltese context. - (https://www.mfsa.mt/our-work/legislation/anti-money-laundering/). Other texts: - Masciandaro, Donato and Barone, Raffaella, Worldwide Anti-Money Laundering Regulation: Estimating Costs and Benefits (May 2008). Paolo Baffi Centre Research Paper No. 2008-12, Available at SSRN: https://ssrn.com/abstract=1136107 or http://dx.doi.org/10.2139/ssrn.1136107 - 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 - 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 - Krieger, Tim and Meierrieks, Daniel, Terrorist Financing and Money Laundering (June 8, 2011). Available at SSRN: https://ssrn.com/abstract=1860069 or http://dx.doi.org/10.2139/ssrn.1860069 - Singh, Vijay Kumar, Controlling Money Laundering in India - Problems and Perspectives (March 1, 2009). Paper presented at the 11th Annual Conference on Money and Finance in the Indian Economy on 23-24 January 2009 At the Indira Gandhi Institute of Development Research (IGIDR), Mumbai, INDIA, Available at SSRN: https://ssrn.com/abstract=1351144 - Goldby, Miriam A., Anti-Money Laundering Reporting Requirements Imposed by English Law: Measuring Effectiveness and Gauging the Need for Reform (February 22, 2012). Final version published in [2013] Journal of Business Law 367-397, Available at SSRN: https://ssrn.com/abstract=2012448 - 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 - Anand, Shashwat, Money Laundering: A Complete Perspective (August 23, 2013). Available at SSRN: https://ssrn.com/abstract=2315055 or http://dx.doi.org/10.2139/ssrn.2315055 - 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. |
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| STUDY-UNIT TYPE | Lecture | ||||||
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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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