Whilst some parts of Recommendation 16 can be complied with by existing legislation (PMLFTR, and Implementing Procedures – Part II applicable to the VFA Sector), the area covering the transferring of the information to the beneficiary a VASP or a FI (if any) immediately and securely is not in place yet.
According to FIAU's Implementing Procedures (Part II), VASPs are required to collect beneficiary name, discover the type of counterparty to the transaction (self-hosted wallet, multi-sig or custodial wallet), in some cases prove wallet ownership in case of 1st party transactions with self-hosted wallets, and keep certain information information and records about the transaction (see sections 2.2.1 and 2.3). But there is no mention of information transmission yet.
The PMLFTR (section 7 (11)) requires subject persons to comply with the Transfer of Funds Regulation. The Transfer of Funds Regulation is undergoing a revision to extend Travel Rule requirements to VASPs, but said revision is not yet finally approved or in force. Hence, in our understanding, Travel Rule requirements do not yet apply to VASPs in Malta and will start applying once the Transfer of Funds Regulation comes into force.
Sources:
Implementing procedures Part II: https://fiaumalta.org/wp-content/uploads/2020/09/20200918_IPsII_VFAs.pdf
Implementing procedures Part I: https://fiaumalta.org/wp-content/uploads/2021/05/20210520_Revised-Implementing-Procedures.pdf
PREVENTION OF MONEY LAUNDERING AND FUNDING OF TERRORISM REGULATIONS: https://legislation.mt/eli/sl/373.1/eng/pdf
L.N. 430 of 2018 (extending AML to VASPs: https://legislation.mt/eli/ln/2018/430/eng/pdf
Prevention of Money Laundering Act: https://legislation.mt/eli/cap/373/eng/pdf