Taxation and the Prevention of Money Laundering: the Tax Practitioner’s perspective

On 15th December 2021, the Malta Institute of Taxation held it’s first in-person event since the introduction of the COVID-19 pandemic restrictions in March 2020, with a presentation for MIT Members on Taxation and the Prevention of Money Laundering: the Tax Practitioner’s perspective, delivered by Dr Conrad Cassar Torregiani and Dr Robert Taylor East, at the Malta Chamber of Commerce.

During this seminar, the speakers shared with MIT members the views of the Professional Affairs Committee of the Institute on how members are required to conduct themselves in the exercise of their profession as tax advisors so as to adhere to their obligations as Subject Persons. The contents of the session also reflected the outcome of the discussions of the Professional Affairs Committee with their counterparts within the Malta Institute of Accountants and the Chamber of Advocates as well as the FIAU, and the submissions made by the MIT to the National Coordinating Committee on Combating Money Laundering and Funding of Terrorism (NCC).

The speakers discussed the responsibilities of the Tax Adviser, and the tax practitioner more broadly, as a ‘Subject Person’ in terms of Prevention of Money Laundering legislation, and the Institute’s work in supporting the FIAU in developing guidance for further clarity to tax professionals in determining when a reporting obligation may arise.

 

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