Through L.N. 81 of 2021 the Minister for Finance, acting on the advice of the Financial Intelligence Analysis Unit, has introduced tight restrictions on the use of cash for certain payments and transactions to bolster Malta’s regulatory arsenal in combating money laundering and other criminal activity. These rules have made it illegal for any person to make or receive a payment or otherwise transact in legal tender (currency notes and coins) amounting to, or exceeding, ten thousand euro (€10,000) or its equivalent in any foreign currency, in aggregate total for any one or several linked transactions, concerning the purchase or sale of: (a) antiques; (b) immovable property; (c) jewellery, precious metals, precious stones and pearls; (d) motor-vehicles; (e) sea-craft; and (f) works of art. Persons violating the new rules are liable to hefty fines and may expect to face stern legal action, both civil and criminal brought against them by the state. The Financial Intelligence Analysis Unit (FIAU) has created a dedicated portal on its website which deals with the Cash Restriction policy. Click here to visit the FIAU’s portal.
Use of Cash (Restriction) Regulations, 2021
Mar 9, 2021 | News