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Title: | Compliance aspect of transfer of immovable property in Malta |
Authors: | Xerri, Ema Marie (2021) |
Keywords: | Money laundering -- Malta Notaries -- Malta Real estate agents -- Malta Terrorism -- Finance -- Prevention Real property -- Malta |
Issue Date: | 2021 |
Citation: | Xerri, E. M. (2021). Compliance aspect of transfer of immovable property in Malta (Bachelor’s dissertation). |
Abstract: | In view of the 2019 MONEYVAL report, Malta was beset by challenging times. New implementing procedures, rules and regulations had to be put in place to mitigate the gaps and limitations mentioned in the report. Financial crimes can damage not only the reputation of a particular sector but can cause irrevocable damage to the whole society. Although the society can never get rid of such actions there can be stringent regulations, rules and procedures can be put in place to minimize the risk that can arise from financial crime. One of the sectors that was criticized by the MONEYVAL committee was that of the Designated Non-Financial Businesses and Professions (DNFBP’s) which incorporates the legal professions, notaries and real estate consultants. The MONEYVAL report highlighted the fact that notaries and real estate agents have knowledge of the AntiMoney Laundering and Counter of Finance Terrorism (AML/CFT) obligations, but they do not know to what extent the risk can escalate in the sector. The aim behind this study is to analyze the local scenario by exploring whether all banks, real estate agents and notaries are aware of their obligations including reporting ones; if they were ever subject to the Financial Intelligence Analysis Unit (FIAU) review; if sufficient training is being provided by the FIAU and any further suggestions to improve this sector. In April 2021, Malta’s anti-money laundering regime formally passed a review by the Council of Europe. This is a very good start for Malta, but a lot of work still needs to be done. |
Description: | B.Com. (Hons)(Melit.) |
URI: | https://www.um.edu.mt/library/oar/handle/123456789/84652 |
Appears in Collections: | Dissertations - FacEma - 2021 Dissertations - FacEMABF - 2021 |
Files in This Item:
File | Description | Size | Format | |
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21BBNK041.pdf Restricted Access | 2.65 MB | Adobe PDF | View/Open Request a copy |
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