AMLR Solutions
AMLR Consultation
Onboarding
Ongoing Monitoring
FRAML
KYC
KYB
KYI
Age Assurance
Workforce IAM
Candidate Verification
Account Takeover
Bonus/ Promotion Abuse
Chargeback Fraud
Deepfake
Document Fraud
Fraud Networks
Impersonation Fraud
Money Mule Activity
Multi-Accounting
Party Fraud
Regulatory & Compliance Risks
Synthetic Identity Fraud
Adult Content
Banking
Crypto
Fintech
Forex
Compliance
Fraud prevention
Trust & safety
Global expansion
Compliance Officers
Developers
Fraud Analysts
Product Managers
Advanced Journey Builder (AJB)
Global Trust Platform
Customer Profiles
Vendor Comparison
IDV Case Management
AML Case Management
Regulatory Reporting
Travel Rule Protocols
Agentic Rule Builder
AI Compliance Co-Pilot
Fraud Analytics
Fraud Hub
OCR
Shufti AI
Bank Account Verification
Biometric Duplication
Database Checks
Document Intelligence
Government ID
Mobile Driver's License
NFC
Selfie Liveness
Brand Personalisation
Deployment Options
Identity Methods
IDV Modes
Multi-tenancy
On-Premise IDV
Secure Capture
Malta’s Justice Minister announces amendments in the court proceedings for financial crimes to soften the impact of jurisdictions’ obligations and ensure that government bodies will freeze significant assets.
Malta’s Justice Minister, Jonathan Attard, attorneys applying to freeze accounts in money laundering cases will now be required to specify to the court what assets and how much money can be frozen in 90 days. Moreover, the decisions to uphold the request of such an order will now be subject to appeal before the criminal court. The person who is involved in financial crimes has the possibility offered by the court to continue their business or company until their acquittal. These are two significant amendments in the legal framework of freezing assets ordered by Malta’s Justice Minister.
The new act proposes a simple procedure to ensure the countability of freezing and garnishee orders in money laundering proceedings. The garnishee orders will now be valid for six months and subject to variations, including fund release to ensure a simple living. Attard stated the amendments in the regulations, which will be published in the government gazette, are part of comprehensive changes in improving the AML system and jurisdictions of the country.
The panel’s choice to uphold the petitions for freezing orders will now be appealable to the Criminal Court, and prosecutors seeking such orders must explain what property or how much money is to be frozen. Those covered by freezing orders can only withdraw a maximum of €13,000 a year. Moreover, the defendants can request the court to operate the companies or professions until the proceedings continue and ask for recurring expenses such as school fees, insurance, or loans. The Minister stated, “in the past two or three years, Malta had started fighting financial crime very aggressively and that the amendments were also necessary for the courts to be effective when executing judgments handed down abroad.”
According to legislative revisions, a right of appeal is now available for convictions and court-ordered asset or property seizures. Following a conviction, the Criminal Court must determine the amount and identity of any money, property, or other assets obtained illegally. Currently, the freezing order controls every little amount of the defendants, which creates hardship. The minister claimed, “People have to apply to the court to buy medicines every month.”
Suggested Reads:
MALTA SHOULD REMAIN VIGILANT AGAINST MONEY LAUNDERING, SAYS FATF PRESIDENT
MALTA CLAPS BACK TO ALLEGATIONS OF “LAX CRYPTO OVERSIGHT”
MALTA FACES 200% SPIKE IN MONEY LAUNDERING CASES
