S.L. 373.1 Art. 16Prohibition of disclosure.  

(1) A subject person, a supervisory authority, any official or employee of a subject person or a supervisory authority, or

 any person from whom the Financial Intelligence Analysis Unit has demanded information pursuant to these regulations or article 30 of the Act, or any other person who has transmitted information to the

Financial Intelligence Analysis Unit, who discloses to the person concerned or to a third party, other than as provided for in this regulation, the fact that information has been demanded by the Financial Intelligence Analysis Unit or that information has been or may be transmitted to the Financial Intelligence Analysis Unit, or that an analysis or an investigation has been, is being, or may be carried out, shall be guilty of an offence and liable on conviction to a fine (multa) not exceeding one hundred and fifteen thousand euro (€115,000) or to imprisonment for a term not exceeding two years or to both such fine and imprisonment.

(2) Disclosures made in the following circumstances shall not constitute an offence under sub-regulation (1):

(a) disclosures to the supervisory authority relevant to that subject person or to law enforcement agencies in accordance with applicable law;

(b) disclosures between subject persons who undertake relevant financial business, under the definition "relevant financial business" or between those subject persons and other persons undertaking equivalent business, whether situated in a Member State or a third country, which form part of the same group and apply group-wide policies and procedures as provided for under regulation 6;

(c) disclosures between subject persons who undertake activities under paragraph (a) or paragraph (c) of the definition "relevant activity" or between those subject persons and other persons undertaking activities equivalent to those under the said paragraphs in a Member State or a third country imposing requirements similar to those laid down in these regulations, who perform their professional activities, whether as employees or not, within the same legal person or within a larger structure to which they belong and which share common ownership, management or compliance control;

(d) disclosures between a subject person who undertakes relevant financial business, under the definition "relevant financial business" or the activities under paragraph

(a) or paragraph (c) of the definition "relevant activity" and another person from the same professional category situated in a Member State or a third country imposing requirements similar to those laid down in these regulations and in cases related to the same customer and the same transaction, provided such persons are subject to obligations as regards professional secrecy and personal data protection;

(e) disclosures by a subject person in the course of proceedings instituted against the subject person for, or as a consequence of, the failure or delay in carrying out a transaction in a competent court, tribunal or other judicial authority in or outside Malta, including disclosures made in any written pleadings or submissions, that the subject person refrained from carrying out a transaction as required in terms of article 28 of the Act:

Provided that disclosures under this paragraph shall not constitute an offence under sub-regulation (1) only where such disclosures are made after the lapse of the period of time referred to in the proviso to article 28(1) of the Act, and where applicable, after the lapse of any period of time during which the execution of the transaction is opposed by the Financial Intelligence Analysis Unit in terms of article 28 of the Act;

(f) disclosures by a subject person to a supervisory authority or professional body exercising supervision or regulatory oversight over that subject person, made in response to an enquiry or action by that supervisory authority or professional body with respect to the subject person’s failure or delay in carrying out a transaction, that the subject person refrained from carrying out a transaction as required in terms of article 28 of the Act:

Provided that disclosures under this paragraph shall not constitute an offence of sub-regulation (1) only in the case where such disclosures are made after the lapse of the period of time referred to in the proviso to article 28(1) of the Act, and where applicable, after the lapse of any period of time during which the execution of the transaction is opposed by the Financial Intelligence Analysis Unit in terms of article 28 AND FUNDING OF TERRORISM of the Act;

(g) any disclosures by an individual in the course of proceedings instituted under regulation 15A, including any disclosures made in any written pleadings or submissions.

(3) The fact that a subject person who undertakes activities under paragraph (a) or paragraph (c) of the definition "relevant activity" is seeking to dissuade a client from engaging in an illegal activity shall not constitute an offence under sub-regulation (1).

(4) The rights of the data subject referred to in regulation 4

of the Restriction of the Data Protection (Obligations and Rights)

Regulations, in particular the right of access, shall be restricted, partially or completely, where such a restriction is necessary and proportionate for a subject person to adhere to his obligations under sub-regulation (1).