Prevention of Money Laundering Act (Cap. 373), article 27

27. (1) Without prejudice to any restriction that the Unit may be subject to, the Unit shall, upon request or on its own motio n, co- operate and exchange informati on with any supervisory authority in Malta or any other authority or body having regulatory or supervisory functions outside Ma lta, when the Unit is of the vi ew that such co-operation and exchange of information would assist in monitoring compliance by subject persons or other persons undertaking equivalent activities outside Malta, with anti-mone y laundering and counter-funding of terrorism laws or other laws specific to their activities or services, or in ensuring that t he financial sector and other relevant sectors or professions are not used for criminal purposes, or to safeguard their integrity: Provided that the exchange of information shall be subject to: (a) a guarantee by the authority or body receiving such information that it has adequate rules and procedures in place governing the confidentiality and security of information; (b) the condition that information or documents exchanged shall be used by the receiving authority or body only for the purpose of performing its PREVENTION OF MONEY LAUNDERING [CAP. 373. 29 supervisory or regulatory functions; (c) the condition that the exchanged information shall not be used for purposes other than those referred to in paragraph (b), nor shall it be disseminated to any other person, body, authority or agency without the express prior consent of the Unit; and (d) any other condition or restriction that the Unit may determine, including the prior conclusion, if it deems so necessary, of any memorandum of understanding or other agreement to regul ate any such exchange of information: Provided further that where the Unit exchanges any information with a supervisory authority in Malta, that supervi sory authority shall provide the Unit upon request and in a timely m anner with information on the use made of the exchanged information a nd any outcome of any inspection or any other regulatory action undertaken on the basis of that information. (2) Without prejudice to the special provisions of any other law applicable to them , the supervisory authorities shall exten d all assistance and co-operation to the Unit in the fulfilment of it s responsibilities under this Act. (3) In pursuance of its responsibilities under the provisions of article 26, the Unit may request a supervisory authority to do all or any of the following and the supervisory authority shall not unreasonably withhold its assistance: (a) to provide the Unit with such information of which the supervisory authority may become aware of in the course of its supervisory functions and which indicates that a subject person falli ng under the competence of the supervisory authority may not be in compliance with any requirements under this Act or any regulations made thereunder; (b) to carry out, on behalf of or jointly with the Unit, on- site or off-site examinations on subject persons falling under the competence of the supervisory authority with the aim of monitoring that person’s compliance with the provisions of this Act and any regulations made thereunder and to report to the Unit accordingly. (4) The Unit may authorise any of its officers or employees to accompany the supervisory authority in any on-site examination as may be required by the Unit under sub-article (3)( b) and any such officer or employee shall be entitled, on producing, if request ed, evidence of his authority, to en ter any premises of the subject person on whom an examination is being undertaken. (5) For the purposes of sub-artic le (1) the term supervisory authority shall also include any authority, body or committee responsible for the authorisation, licensing, registration, or regulation of, or the granting, suspension or revocation of a warrant to s ubject persons. 30 CAP. 373.] PREVENTION OF MONEY LAUNDERING Co-operation with counterpart Financial Intelligence Units. Added by: XXVIII. 2017.14. Amended by: XLII.2018.14; VII.2019.52; I.2020.12; XLIII.2021.8.