Prevention of Money Laundering Act (Cap. 373), article 12

12. (1) The Minister may, acting on the advice of the Unit, make rules or regulations generally with a view to combating money laundering and funding of terrorism or for the better carrying out of the provisions of this Act, and in particular, but without prejudic e to the generality of the foregoing, may by such rules or regulations r equire credit institutions, financial institutions and other undertaki ngs and professions operating within the financial sector and other rel evant sectors, to implement measures, p rocedures, systems and control s to prevent money laundering and the funding of terrorism, includin g identification, risk management, record-keeping, training and reporting. (2) The Minister may by regulations extend the provisions of this Act in whole or in part and of any regulations made thereu nder to categories of undertakings and to professions which engage i n activities which, in the opinion of the Minister, are particula rly likely to be used for money laundering purposes or funding of terrorism. (3) The Minister, acting on the advice of the Unit, may make PREVENTION OF MONEY LAUNDERING [CAP. 373. 15 regulations to transpose, imp lement and give effect to the provisions and requirements of directives, regulations and any other legislative instruments of the European Union requiring transposition and, or implement ation, as they may be amended from time to time, including any implementing measures that hav e been or may be issued thereunder. (4) The Minister may, in consultation with the Minister responsible for justice, by regulation amend, alter or add to t he list of offences specified in the Second Schedule to this Act. (5) The Minister shall, acting on the advice of the committee referred to in article 12A, desi gnate, by order in the Gazette, those public functions in Malta and those held within international organisations accredited in Malta, which are to be considered a s prominent public functions for the purpose of any regulations issued under this Act, and the list of any such functions shall be reviewed and updated from time to time: Provided that any order issued in terms of this sub-article sha ll be made available to the Europ ean Commission upon publication i n the Gazette. ( 6 ) T h e M i n i s t e r m a y p r e s c r i b e b y r e g u l a t i o n s a n y m a t t e r required to be presc ribed by this Act. National Co- ordinating Committee on Combating Money Laundering and Funding of Terrorism. Added by: XXVIII. 2017.5.