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Code on the Prevention of Money Laundering & Terrorist Financing

The Financial Services Commission (FSC) has on 6 November 2020, by way of a Circular Letter referenced as CL061120 repealed the March 2012 Code on the Prevention of Money Laundering & Terrorist Financing until the issuance of any additional enforceable Anti Money Laundering / Combatting Terrorist Financing (AML/CFT) requirements.

According to the FSC, this repeal was triggered further to the legislative amendments to the Financial Intelligence and Anti-Money Laundering Act 2002 and the enactment of the Financial Intelligence and Anti-Money Laundering Regulations 2018 whereby the AML/CFT framework has been revamped.

However the repeal of the aforesaid code will not, inter alia, affect any obligations or liability incurred thereunder, nor will it affect anything done or suffered under the repealed code.

The FSC reserves itself the right to take any regulatory or disciplinary actions for any breaches of the said code which have occurred on or before the 6 November 2020.