NATIONAL COORDINATING COMMITTEE ON 
COMBATING MONEY LAUNDERING AND 
FUNDING OF TERRORISM [S.L. 373.02 1
SUBSIDIARY LEGISLATION 373.02
NATIONAL COORDINAT ING COMMITTEE ON 
COMBATING MONEY LA UNDERING AND FUNDING 
OF TERRORISM REGULATIONS
13th April, 2018
LEGAL NOTICE 117 of 2018 , as amended by Legal Notice 12 of 2019.
Citation and scope. 1. (1) The title of these regulations is the National
Coordinating Committee on Combating Money Laundering andFunding of Terrorism Regulations.
(2) The objective of these regulations is to establish and
provide for the functions, powers and procedures of the Nationa l
Coordinating Committee on Combating Money Laundering andFunding of Terrorism.
Interpretation and 
application.
Cap.373.2. (1) The terms used in these regulations shall, unless
the context otherwise requires, o r unless otherwise defined in these
regulations, have the same meanin g attributed to the said terms  under
the Prevention of Money Laundering Act.
(2) In these regulations, unless the context otherwise
requires:
Cap.373. "the Act" means the Preventi on of Money Laundering Act;
"the Committee" means the National Coordinating Committee
on Combating Money Laundering and Funding of Terrorismestablished by regulation 3;
"the Minister" means the Minis ter responsible for Finance.
Establishment, 
scope and 
composition of the 
Committee.3. (1) There is hereby established a National
Coordinating Committee on Combating Money Laundering andFunding of Terrorism.
(2) The Committee shall be composed in accordance with
the provisions of article 12A(3) of the Act.
Chairperson and 
Deputy 
Chairperson.4. (1) The Chairperson shall be the person referred to
in article 12A(5) of the Act.
(2) A Deputy Chairperson shall be appointed by the
Minister from among the members of the Committee. 
(3) The Chairperson shall be the Head of the Committee and
the Deputy Chairperson shall have all the powers and perform al l the
functions of the Chairperson during his absence or inability to  act as
Chairperson or during any vacancy  in the office of Chairperson.
2[S.L. 373.02NATIONAL COORDINATING COMMITTEE ON 
COMBATING MONEY LAUNDERING AND 
FUNDING OF TERRORISM 
Functions of the Committee.
Amended by:
L.N. 12 of 2019.5. (1) Apart from the functions referred to in article
12A(2) of the Act, the Committee shall also:
(a) conduct any research and studies related to the
functions of the Committee;
(b) provide guidance, advice and make
recommendations to the Minister, on all matters relevant to thecombating of money laundering, funding of terrorism and thefinancing of the proliferation of weapons of mass destruction;
(c) conduct any necessary follow-up action to
monitor and ascertain the effective implementation of thenational strategy and policies and the actions intended toaddress any threats, vulnerabilities and risks identifiedfollowing the carrying out of national risk assessments and tokeep that risk assessment up to date;
(d) make the results of its risk assessments available
to the European Commission, the European Banking Authority(EBA), the European Insurance and Occupational PensionsAuthority (EIOPA), the European Securities and MarketsAuthority (ESMA) as well as the other Member States.
Sub-committees 
and experts.6. (1) The Committee may appoint sub-committees
composed of members of the Com mittee, for the purpose of execut ing
the functions of the Committee in a more effective manner, and the
Committee shall determine the functions to be assigned to, and the
procedure to be followed  by, such sub-committees.
(2) The Committee may also, whenever it deems so
necessary and expedient, engage one or more persons, whom itconsiders to be in possession of suitable expertise, to assist it or any
sub-committee appointed in terms of sub-regulation (1) in carry ing
out specific functions and tasks requiring such expertise, and,  for this
purpose, the Committee may impose such conditions as it conside rs
necessary.
Meetings of the 
Committee.7. (1) The Committee shall meet within one month
from its constitution and at such re gular intervals thereafter as may be
necessary, but shall as a minim um meet once every two months.
(2) The Committee shall not act unless a quorum consisting
of the Chairperson or the Deputy Chairperson together with not less
than half of the Committee members are present.
(3) Without prejudice to the provisions of sub-regulation (2),
the Committee may act notwithstanding any vacancy amongst itsmembers.
NATIONAL COORDINATING COMMITTEE ON 
COMBATING MONEY LAUNDERING AND 
FUNDING OF TERRORISM [S.L. 373.02 3
(4) The meetings of the Committee shall be chaired by the
Chairperson, or, in the absence of the Chairperson, by the Depu ty
Chairperson.
(5) The decisions of the Committee shall be adopted by a
simple majority of the votes of the members present and voting,  and,
in the event of an equality of votes, the member presiding at t he
meeting shall have and exerc ise a second or  casting vote.
(6) The Committee shall have the power to invite observers
to its meetings: 
Provided that such observers  shall have the faculty of
participating and intervening during such meetings, but shall h ave no
voting rights.
Committee 
Secretariat.8. (1) There shall be set up a Committee Secretariat,
which shall be responsible for p roviding the nec essary technica l and
administrative support to the Committee and to assist it in the  proper
carrying out of its functions, in particular, in the implementa tion of
decisions taken by the Committee.
(2) The Secretariat shall be provided with all the adequate
financial, human and technical resources as may be necessary an d
expedient for its proper functioning and shall consist of such number
of appropriately skilled and speci fically dedicated officials a s may be
deemed necessary from time to time, and as a minimum shall cons ist
of two full-time persons.
(3) The Secretariat shall have an Executive Secretary who
shall be the head of the Secretariat and who shall be responsib le for
the work and management of the Secretariat. The Executive Secre tary
shall also serve as Secretary to the Committee but shall not ha ve
voting rights.
Exemption from 
liability.9. Members of the Committee, rep resentatives appointed in
terms of regulation 3(2), expert s appointed in terms of regulat ions
6(1) and 6(2) and members of the Secretariat shall not be liabl e in
damages for anything done or omitted to be done in the discharg e or
purported discharge of any function under these regulations, un less
the act or omission is shown to have been done or omitted to be  done,
as the case may be, in bad faith.
Confidentiality. 10. The members of the Committee, representatives
appointed in terms of regulation 3(2), observers invited in ter ms of
regulation 7(6), experts appointed in terms of regulation 6(2) and
members of the Secretariat, whether still in the service of theCommittee or not, shall treat any information acquired in theperformance of their duties or the exercise of the functions un der
these regulations as confidential.
4[S.L. 373.02NATIONAL COORDINATING COMMITTEE ON 
COMBATING MONEY LAUNDERING AND 
FUNDING OF TERRORISM 
Reporting. 11.  The Committee shall compile and transmit an annual
report    on its activ ities to the Minister.