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Author: Lizianne Pace Frendo

Europe proposes new institutions to tackle money laundering issues

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...

FIAU Notice: Webinar on the Enforcement Factsheet

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...

Government welcomes high stable rating by DBRS

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...

G20 finance ministers back ‘historic’ tax deal

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...

MFSA Reminder: Existing CSPs to Comply with new Rules by September

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...

CSP Applications: Supporting documents due on 15 July

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 roped in to help with greylisting recovery

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...

No immediate impact on Malta’s ratings from grey listing – Fitch

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...

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