The Malta Financial Services Authority (MFSA) said that both the licensed Trust and Company Service Provider (TCSP) and the banking sectors are “fully compliant with international requirements”, in as far as the maintenance and accuracy of Ultimate Beneficial Owner (UBO) information in Malta, noting that...
OECD’s Malta peer review on tax information sharing highlights problems with reporting of data as reason for downgrade. The IFSP duly notes the outcome of the Global Forum on Transparency and Exchange of Information for Tax Purposes: Malta 2020 (Second Round) Peer Review Report (‘the Report’)...
Increasing regulation leads Institute of Financial Services Practitioners to provide support to a specific niche of members and practitioners. Independent directors provide an essential and important service to companies established or resident in Malta, be they international or domestic. Good corporate governance requires the board-level oversight...
The Office of the Commissioner for Revenue has published Guidelines in relation to the Anti-Tax Avoidance Directives Implementation Regulations (ATAD) on Monday, 31 August 2020. The Guidelines may be downloaded via this link; should you wish to see the notice of publication, please use this link....
The Russian Government has disclosed that both Luxembourg and Malta have agreed to change their double tax agreement with Russia to increase withholding tax rates on cross-border dividends and interest income. The announcement follows the Russian Government's decision to terminate its double tax agreement with Cyprus...
Malta has been allocated €243.6 million in loans given by the EU through the temporary Support to mitigate Unemployment Risks in an Emergency (SURE) initiative. In a statement, the Finance Ministry highlighted that Malta is among the first tranche of countries to be allocated funds through...
Practitioners must have enabling powers or laws providing for the exchange of information, according to Wayne Pisani, President of the Institute of Financial Services Practitioners. He stressed the need for information exchange among practitioners and between public/private parties, arguing that practitioners need enabling powers or laws...
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...
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...
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...