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MGA and FIAU combat money laundering with Memorandum of Understanding

The Malta Gaming Authority (MGA) has confirmed that it has signed a Memorandum of Understanding (MoU) with the Financial Intelligence Analysis Unit (FIAU).   The MoU will specifically focus on improving the sharing of information on the areas related to the supervision of Anti-Money Laundering (AML) and...

Russia notifies Luxembourg, Malta about dividend tax increase

Changes will not affect interest gains paid on Eurobond loans, bond loans of Russian companies and loans extended by foreign banks, according to Russia's Finance Ministry.   The Russian Ministry of Finance has notified finance ministries of Luxembourg and Malta about amendments to double taxation avoidance agreements...

Malta’s economy likely to shrink by 2.8%, but will rebound in 2021 – IMF

World Economic Outlook report projects a 7.5% decline across eurozone   Malta’s economy is projected to shrink by 2.8% this year before rebounding into strong 7% growth in 2021, the International Monetary Fund has projected.   The 2.8% contraction would represent a negative shift of more than 7 percentage...

Europe’s fight against money laundering goes on, even in a pandemic

Writing for II, Kenneth Farrugia explains how Malta is rising to the challenge of tackling money laundering.   The fight against money laundering and the financing of terrorism are crucial issues for the integrity and stability of the global financial ecosystem. Nowhere is this more pronounced than Europe, where...

CBM Media Release: Six-month moratorium on loan repayments

The Minister responsible for public health, with the concurrence of and in consultation with the Minister for Finance and Financial Services, issued the Moratorium on Credit Facilities Regulations in Exceptional Circumstances through Legal Notice 142 of 2020. Credit and financial institutions licensed by the Malta...

The right instrument at the right time

In normal times, the role of development banks is to address investment gaps, sometimes called market failures, by offering financing facilities and guarantees to support new investment in productive and viable operations where the commercial banks are unable or unwilling to accommodate on their own...

Malta: COVID-19 Fiscal Assistance: Deferral Of Payment Of Certain Taxes

On the 20th March, the Maltese Government announced a tax deferral scheme to assist local businesses to improve their business liquidity and ease pressures on their cash flow arising from the economic impact of the coronavirus pandemic. Furthermore, the measures aim to encourage the retention...

Malta seeks US help as money laundering reforms deadline looms

But the US has its own 'wish list' for Malta   Malta has requested the help of the US to avoid the possibility of being put on a list of countries that are not doing enough to fight money launderers.   Sources said talks with the US government were...

FIAU sees spike in reports about suspicious activity

Suspicious transaction reports rise from 73 in 2010 to 2,778 last year   Malta’s anti-money laundering body, the Financial Intelligence Analysis Unit (FIAU), last year saw a 65% spike in suspicious activity reports, driven in part by a rise in reports from Satabank.   In a newsletter about its...

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