A comparative study of measures against money laundering, with particular reference to those affecting the legal profession

Abstract

The act of laundering money, though as ancient as profitable crime itself, has been the subject of considerable international attention only in recent years. Through a series of international and domestic legislative interventions, Prevention of Money Laundering legislation has become a feature in the legal system of a significant number of states. It is characterised by its diversity, resulting in the combination of elements of a purely penal nature with others being of exclusive regulatory significance. The laudable effort to develop Malta as a financial centre has resulted in increased attention being paid to the legislative framework set up for this purpose. The Prevention of Money Laundering and Funding of Terrorism Regulations are unquestionably a part of this legislative framework. It thus follows that the law relating to money laundering will inevitably give rise to both legal and economical consequences. This thesis is a study of the various statutory obligations imposed, together with the criminal offences and liabilities arising therefrom - all of which ultimately contribute to determine the criminal responsibility for failed compliance as well as Malta's future as a financial centre. Particular attention has been paid to the inclusion of the legal profession into this regime, and to all the issues which arise as a consequence thereof Directive 2005/60/EC will form an integral part of this study, since it puts forward that legislative framework which the EU designates as the minimum standard. In addition, reference to other EU and non-EU states is made, to enhance the international context in which all this is occurring.