EU Officials Censure Maltese Regulator, Cite Other Member States for AML Gaps

The sun sets on the harbor of Valleta, Malta on Saturday, December 6, 2014. EU authorities officially censured Maltese anti-money laundering regulators on Wednesday, November 7, 2018, and opened infringement cases against three other nations for failing to update their AML rules. (Alamy)



The Council of the European Union and the European Parliament issued Directive (EU) 2018,1673 on combating money laundering by criminal law, which establishes minimum rules concerning the definition of criminal offenses and sanctions related to money laundering.
The Council of the European Union and the European Parliament issued Regulation (EU) 2018/1672, which provides for a system of controls with respect to cash entering or leaving the European Union.

Enforcement Actions

The U.S. Justice Department issued a joint memorandum under which MoneyGram International Inc. agrees to extend its 2012 deferred prosecution agreement for an additional 30 months and forfeit $125 million due to significant weaknesses in its anti-fraud and anti-money laundering program.
The Federal Trade Commission entered into a stipulated order for compensatory relief with the Dallas, TX-based company requiring it to block the money transfers of known fraudsters and provide refunds to fraud victims in circumstances where its agents failed to comply with related policies.