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

27A. (1) In carrying out its func tions under article 16(1)(k)(i) , the Unit may exchange any information that may be relevant for the processing or analysis of inform ation or to investigations rega rding financial transactions or activ ities related to money launderin g or the underlying criminal activity, or funding of terrorism and t he persons involved, regardless of the type of underlying criminal activity, and even where the underlying criminal activity is no t known at the time of exchange: Provided that the Unit may, in exceptional and urgent circumstances and subject to operational limitations, promptly exchange financial information or financial analysis relevant f or the processing or analysis of information related to terrorism or o rganised crime associated with terrorism, with any authority, body, or a gency of a Member State considered to hav e functions equivalent or analo gous to those of the Unit under article 16(1)(a) and (b): Provided further that the Unit shall apply and make use of appropriate, protected and secu re channels, mechanisms and technologies, to cooperate and exchange information as provided in this sub-article. (2) The Unit may impose conditions and restrictions on the use of exchanged information as it ma y determine, including the pri or conclusion, if it deems so necessary, of any memorandum of understanding or other agreement to regulate any such exchange of information: Provided that the disclosure of information shall be subject to the condition that the information or documents disclosed sh all not be used for purposes other than those indicated by the Unit nor shall they be disseminated to any other person, body, authority or agency, without the express pr ior consent of the Unit. (3) The consent referred to in t he proviso to sub-article (2) shall be provided by the Unit promptly, regardless of the type of underlying criminal activity and shall not be withheld unless i n the opinion of the Unit such disclosure: (a) could lead to the impairment of a criminal investigation or; (b) would not be in accordance with the fundamental principles of Maltese law. (4) The Unit shall respond, in a timely manner, to requests for information made by any foreign authority, body or agency considered to have functions equi valent or analogous to those o f the Unit under article 16(1)( a) and ( b): Provided that the Unit may refuse to disclose any document or information: (a) if in its opinion such disclosure would not be in accordance with fundamental principles of Maltese law; PREVENTION OF MONEY LAUNDERING [CAP. 373. 31 (b) if in its opinion the foreign authority, body or agency does not have duties of secrecy and confidentiality that are at least equivalent to those of the Unit or does not provide effective measures to protect confidentiality and secrecy; or (c) on the grounds of lack of reciprocity or repeated non- cooperation by the foreign authority, body or agency making the request: Provided further that where the request for information is made by an authority, body or agency of a Member State considered to have functions equivalent or analogous to those o f the Unit under article 16(1)( a) and ( b), the Unit may refuse to disclose any document or information only if in its opinion suc h disclosure would not be in accord ance with fundamental principl es of Maltese law. (5) Where the Unit refuses to g rant consent under sub-article (3) or to disclose information in terms of the provisos to sub- article (4), an explanation shall be provided. (6) Without prejudice to the other provisions of this article, where the Unit receives information pursuant to its function un der article 16(1)( a) which concerns another Member State, it shall promptly forward any relevant information to the authority, bod y or agency within that Member State, considered to have functions equivalent or analogous to those of the Unit under article 16(1 )(a) and ( b). (7) Where the Unit receives inform ation, data or documents from a foreign authority, body or agency considered to have functions equivalent or analogous to those of the Unit under article 16(1 )(a) and (b), the Unit shall comply with any restriction and condition o n the use of such information, data or doc uments imposed by that foreign authority, body or agency. Cooperation with Competent Authorities. Added by: XXVIII. 2017.15. Amended by: I.2020.13.