UK LAW SOCIETY GUIDANCE MANDATES ENHANCED DUE DILIGENCE FOR ALL TRANSACTIONS AND BUSINESS RELATIONSHIPS INVOLVING ANY MALTA RESIDENT

For those who expressed surprise when a Maltese businessman complained that a bank took five days to clear a large wire transfer, EDD is the established compliance procedure when dealing with countries listed by the UK as high-risk. 

The Law Society of England and Wales regulates solicitor conduct, and ensures that it conforms to United Kingdom Money Laundering Regulations, which mandate Enhanced Due Diligence whenever there are transactions, or business relationships with any person established in Malta which was added this year to the list of High-Risk countries.

Therefore, ANY transactions, OR business relationships, between a UK entity or individual, and a Malta resident, must involve Enhanced Due Diligence.

Read it and weep, ladies and gentlemen. That's what you are facing for the foreseeable future.