Today, 10 March 2021, the Government has published new regulations on the use of cash, as permitted under the Prevention of Money Laundering Act.
It is now an offence to make or receive payment in cash to the value of €10,000 (or equivalent) or greater, when purchasing antiques, immovable property, jewellery, motor vehicles, sea-craft and works of art. This also refers to cases where it is not only a single transaction but may be cases of having several linked transactions in respect to the purchase or sale of, in particular:
(a) antiques;
(b) immovable property;
(c) jewellery, precious metals, precious stones and
pearls;
(d) motor-vehicles;
(e) sea-craft; and
(f) works of art.
The criminal fine for this offence is no less than 40% of the value of the cash transaction above the €10,000 threshold. There is scope for a lesser administrative penalty upon the consent of the Attorney General. Personal liability clauses also apply to directors or management as applicable. Such offences are subject to be tried by the Court of Magistrates in Malta or Gozo respectively.
The link to the legal notice follows: https://legislation.mt/eli/ln/2021/81/eng
