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Succeeding The Moneyval Test Is A Shared Responsibility

The Malta Chamber leads Financial Services Sector delegation to the Prime Minister, to discuss Malta’s progress on fulfilling the requirements of the Moneyval Report which remains an issue of primary concern for business. The Malta Chamber of Commerce, Enterprise and Industry yesterday led a delegation, composed...

FIAU Notice: Guidance Document On The Funding Of Terrorism

The Financial Intelligence Analysis Unit (“FIAU”) has today published a Guidance Document on Funding of Terrorism, which builds upon and incorporates the 2018 ‘Guidance Note on Funding of Terrorism – Red Flags and Suspicious Activities’.   The salient features of this Guidance Document include:   Insights and select...

IFSP AGM increases Council to 17

Larger Council needed to handle increased workload as a result of MONEYVAL and political uncertainty, while Institute also deals with disciplinary action for the first time in its 31 year history.   Dr Wayne Pisani was reconfirmed as President of the IFSP during the Institute’s Annual General...

Malta to record least negative economic growth, EC forecasts

The European Commission is expecting Malta to record the least negative economic growth in the Euro Area this year, announced the Ministry for Finance. In a statement issued on Tuesday, the Ministry said it welcomed the 2020 Summer Economic Forecast published today.   The European Commission notes...

Fresh EU budget proposals may lead to financial transaction tax

A €100 million EU budget top-up could be a “pill sweetener” for the introduction of a Europe-wide financial transaction tax, the former head of the European Parliament office in Malta has warned.   “Malta needs to be very careful not to trade long-term interest with short-term gain,”...

Fitch Affirms Malta at ‘A+’; Outlook Stable

Fitch Ratings has affirmed Malta's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'A+' with a Stable Outlook.   A full list of rating actions is at the end of this rating action commentary.   KEY RATING DRIVERS   Malta's ratings balance high income per capita, euro area membership and large net...

Finance Minister Edward Scicluna announces extension of financial moratorium

Finance Minister Edward Scicluna today announced that the financial moratorium for businesses and individuals has been extended for a further six months.   During a press conference on Wednesday Minister Scicluna said that the measure, which was first announced due to the Coronavirus pandemicin March, will be extended...

Why Moneyval’s verdict matters

Moneyval, the anti-money laundering body of the Council of Europe, is entrusted with the task of assessing compliance with the principal international standards to counter money laundering and the financing of terrorism, as well as the effectiveness of their implementation. It also makes recommendations to...

ECB Withdraws Malta-Based Bank’s Licence

A Malta-based bank, Satabank, has had its licence withdrawn by the European Central Bank, Finance Minister Edward Scicluna and the Malta Financial Services Authority said on Wednesday.   The decision was taken on the recommendation of the authority.   The Bulgarian-owned bank, established in 2014, had its 12,000 accounts...

Alfred Sant votes for permanent EP tax committee

Labour MEP Alfred Sant has voted to set up a permanent tax subcommittee of the Economic and Monetary affairs committee in the European Parliament as part of the fight against tax fraud and for financial transparency.   In explaining his vote, Sant told the European Parliament that...

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