Cap. 373 Art. 12Rules and regulations.

(1) The Minister may, acting on the advice of the Unit, make rules or regulations generally with a view to combating money laundering and funding of terrorism or for the better carrying out of the provisions of this Act, and in particular, but without prejudice to the generality of the foregoing, may by such rules or regulations require credit institutions, financial institutions and other undertakings and professions operating within the financial sector and other relevant sectors, to implement measures, procedures, systems and controls to prevent money laundering and the funding of terrorism, including identification, risk management, record-keeping, training and reporting.

(2) The Minister may by regulations extend the provisions of this Act in whole or in part and of any regulations made thereunder to categories of undertakings and to professions which engage in activities which, in the opinion of the Minister, are particularly likely to be used for money laundering purposes or funding of terrorism.

(3) The Minister, acting on the advice of the Unit, may make regulations to transpose, implement and give effect to the provisions and requirements of directives, regulations and any other legislative instruments of the European Union requiring transposition and, or implementation, as they may be amended from time to time, including any implementing measures that have been or may be issued thereunder.

(4) The Minister may, in consultation with the Minister responsible for justice, by regulation amend, alter or add to the list of offences specified in the Second Schedule to this Act.

(5) The Minister shall, acting on the advice of the committee referred to in article 12A, designate, by order in the Gazette, those public functions in Malta and those held within international organisations accredited in Malta, which are to be considered as prominent public functions for the purpose of any regulations issued under this Act, and the list of any such functions shall be reviewed and updated from time to time:

Provided that any order issued in terms of this sub-article shall be made available to the European Commission upon publication in the Gazette.

(6) The Minister may prescribe by regulations any matter required to be prescribed by this Act.