By virtue of L.N. 285 of 2020, the External Transactions Act, Chapter 233 of the Laws of Malta introduced the Cash Control Regulations, 2020. These Regulations require any individual who enters, leaves or transits through Malta, carrying a sum of a value of ten thousand Euro (€10,000) or more to declare such sum to the Commissioner for Revenue.
The declaration that needs to be submitted to the Commissioner for Revenue in terms of these Regulations must be in the format prescribed in the Schedule to the Regulations.
Any person who fails to the disclose such information or who makes a false declaration for the purposes thereof shall be guilty of an offence under the Regulations.
It is to be noted that the Commissioner for Revenue shall keep a database containing the details of the declarations made, as well as details of any breaches of these Regulations. The Commissioner will be authorised to exchange and transmit information in accordance with the Regulations of the European Parliament regulating Exchange of Information between Member States.
