In a communique issued on 6 November 2020, the Financial Services Commission (FSC) announced the repeal of the Code on the Prevention of Money Laundering & Terrorist Financing (the “Code") in light of the revamping of the AML/CFT legal framework. Additional AML/CFT legislations and requirements will be issued in the near future. The Code, issued in March 2012, ‘is designed to serve as a statement of minima criteria and to describe operational practices expected of Licensees’.

The repeal of the Code 2012 shall not:
(a) Affect any obligations or liability incurred under the repealed Code 2012;
(b) Affect the previous operations of the repealed Code 2012 or anything duly done or suffered under the repealed Code 2012;
(c) Affect any regulatory action already taken as a result of non-compliance with the repealed Code 2012; or
(d) Affect any investigation carried out under the repealed Code 2012.

Click Here to access the official communique issued by the FSC