Cap. 492 чл. 22BDuties of administrators in relation to anti- money laundering and the funding of terrorism.

(1) It shall be the duty of all the administrators of a voluntary organisation to implement appropriate procedures relating to the prevention of money laundering and the funding of terrorism so as to ensure that their organisation is not used for such purposes. Such duties shall include but shall not be limited to:

(a) confirming the identity, credentials and good-standing of the persons or organisations which the voluntary organisations support and obtaining evidence of the identity of the persons who control such organisations;

(b) confirming the identity, credentials and good-standing of other voluntary organisations, in Malta or overseas, as well as other persons with whom the administrators associate in carrying out activities to fulfil the purposes of their organisation;

(c) identifying significant donors of the voluntary organisation, being individuals or other organisations, and, while respecting donor confidentiality, obtaining evidence of identity of the relevant individuals or the persons who control such other organisations;

(d) obtaining information on the source of funds which are donated to the organisation;

(e) verifying that the assets of the organisation are used lawfully and in a manner which is consistent with its purposes and objects.

(2) For the purpose of this article:

(a) the administrators shall carry out their duties on a best efforts basis;

(b) the administrators shall pay regard to the context and the potential risk to money laundering or the funding of terrorism; and

(c) "significant" shall mean any donations of fifteen thousand euro (€15,000) or more, whether carried out the previous sub-article shall be carried out by the local representative of the organisation.

(4) The administrators or the local representative of the voluntary organisation, as the case may be, shall:

(a) keep adequate records regarding the receipt and use of all funds by the voluntary organisation, which records shall be sufficiently detailed to verify that the funds have originated from lawful activity and have been used lawfully and in a manner consistent with the purpose and objects of the organisation;

(b) ensure that the voluntary organisation has adequate financial controls and financial management which are essential to protect it against money laundering and the funding of terrorism;

(c) ensure that there are appropriate internal procedures in place within the voluntary organisation to encourage staff and volunteers to report any vulnerability of the organisation to the risk of money laundering and the funding of terrorism to the administrators or the local representative so that remedial action may be taken by the organisation; and

(d) provide adequate training to staff and volunteers to ensure they are familiar with the voluntary organisation’s reporting procedures and financial controls and know what actions to take if they suspect money laundering and the funding of terrorism.