On the 2 July 2021, the Malta Financial Services Authority (the “MFSA”) issued a notice aimed particularly at those CSPs registered before the amendments were introduced by Act L of 2020 and the updated CSP rules, both of which came into force on 16 March...
Over the past years, Malta has made significant efforts and improvements in its financial crime risk compliance, explained Rudolph Psaila, Chairman of FinanceMalta. Speaking to Dayna Camilleri Clarke, Psaila said he is confident that, with all stakeholders’ collective contribution and co-operation, Malta will overcome the Financial...
According to a document read by The Wall Street Journal, the European Union will propose the creation of a new money laundering prevention agency with direct authority to oversee financial companies. This agency will be part of a broader plan to address the failure that made...
In May 2021, the FIAU published a guidance paper entitled ‘‘Enforcement Factsheet: Common Observations across sectors subject to AML/CFT Supervision’. The paper sought to analyse the enforcement actions undertaken over the past two years, to provide subject persons with insights into the most common observations...
The government has welcomed a statement by DBRS ratings agency confirming Malta's rating as A (high) stable. It said Malta was continuing to enjoy the highest rating ever given to it, by the agency. In its commentary, the agency said the stable trend reflects its view that...
Reform will change way multinationals are taxed G20 finance ministers on Saturday gave their backing to a historic deal to overhaul the way multinational companies are taxed, and urged hold-out countries to get on board. Some 132 countries, including Malta, have already signed up to a framework for...
The Malta Financial Services Authority ('MFSA') has issued a circular directed at authorised company service providers ('CSPs') that were registered to provide CSP services prior to the entry into force of the new CSP rules. CSPs that offered CSP services on the date of entry of the...
Following an IFSP query, the MFSA has clarified its expectations regarding the documents listed in section 3.6.3 of the Guidelines to the New CSP Regime Application Process. Under threshold applicants are not required to provide the documents listed in section 3.6.3 - Supporting Documentation Required at...
Regulators have been asked to help the government draft a new national risk assessment to address the “systematic shortcomings” which saw Malta greylisted by a leading global watchdog. The heads of a number of administrative and law enforcement entities met in a private conference room at...
The Financial Action Task Force’s (FATF) grey listing of Malta confirms structural weaknesses in Malta’s anti-money laundering framework, “but has no immediate impact on Malta’s ratings or those of its domestic rated banks,” Fitch Ratings said in a statement. “These weaknesses are captured in the ‘A+’/Stable...