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DC Field | Value | Language |
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dc.date.accessioned | 2023-01-13T10:26:25Z | - |
dc.date.available | 2023-01-13T10:26:25Z | - |
dc.date.issued | 2022 | - |
dc.identifier.citation | Camilleri, C.S. (2022). “Over-regulation?”: the Moneyval report of 2019, the FATF findings of 2021, and their implications on investment service providers (Master's dissertation). | en_GB |
dc.identifier.uri | https://www.um.edu.mt/library/oar/handle/123456789/105159 | - |
dc.description | M.A. Fin. Serv.(Melit.) | en_GB |
dc.description.abstract | The grey-listing of Malta by the FATF in 2021, ensuing from the recommendation of the Moneyval Report of 2019, has resulted in heightened efforts by National regulators toward the protection and rehabilitation of Malta’s reputation in the global financial sphere. Nonetheless, implementation issues of FATF standards at country levels are often being misapplied. In particular, the failure to use the proportionality standard, which is central to the risk-based approach. The FIAU significantly increased its on-site and off-site compliance visits in 2020, which rose by 80 % compared to those made in 2019. Not surprisingly, recent reports have indicated that penalties have risen by over 210% from 2020 to 2021. The severity of the administrative penalties is such that sometimes they are more akin to sanctions meted out in criminal proceedings in the context of which a suspect or an accused would be afforded constitutional rights of due process. It has been, therefore, rightly questioned whether the FIAU’s authority to mete out such fines, as well as the process envisaged at law for the purpose, does, in fact, breach a Subjects Person’s constitutional safeguards. As of recent, the FIAU has started to publish tracked versions of the Implementing Procedures before publishing a consolidated and updated version. However, this did not happen in the past. Regulatory compliance costs have risen exponentially, so much so that they are crowding out funds that could be made available for innovation and growth. The local financial entities’ plethora of regulatory authorities, namely the MFSA, the FIAU, the MBR, the SMB, and the MGA, are all performing compliance visits on respective subject persons. Legitimate business must not be persecuted. Money laundering fines for administrative offences, and incredibly technical observance of anti-money laundering procedures must not be disproportionate and not be inflicted without the appropriate due process and, if large in nature, led by an independent and impartial Court. The effects of over-regulation should not be underestimated. | en_GB |
dc.language.iso | en | en_GB |
dc.rights | info:eu-repo/semantics/restrictedAccess | en_GB |
dc.subject | Council of Europe. Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism | en_GB |
dc.subject | Financial Action Task Force | en_GB |
dc.subject | Financial Intelligence Analysis Unit (Malta) | en_GB |
dc.subject | Money laundering -- Law and legislation -- European Union countries | en_GB |
dc.subject | Money laundering -- Law and legislation -- Malta | en_GB |
dc.subject | Terrorism -- Finance -- Law and legislation -- European Union countries | en_GB |
dc.subject | Terrorism -- Finance -- Law and legislation -- Malta | en_GB |
dc.title | “Over-regulation?” : the Moneyval report of 2019, the FATF findings of 2021, and their implications on investment service providers | en_GB |
dc.type | masterThesis | en_GB |
dc.rights.holder | The copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder. | en_GB |
dc.publisher.institution | University of Malta | en_GB |
dc.publisher.department | Faculty of Laws. Department of Commercial Law | en_GB |
dc.description.reviewed | N/A | en_GB |
dc.contributor.creator | Camilleri, Carmen Sally (2022) | - |
Appears in Collections: | Dissertations - FacLaw - 2022 Dissertations - FacLawCom - 2022 |
Files in This Item:
File | Description | Size | Format | |
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22MFIN003.pdf Restricted Access | 2.25 MB | Adobe PDF | View/Open Request a copy |
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