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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A Malta-based bank, Satabank, has had its licence withdrawn by the European Central Bank, Finance Minister Edward Scicluna and the Malta Financial Services Authority said on Wednesday.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...

Transparency is a top priority for companies

Around the world many countries have created, or have plans to create, registers on beneficial owners of companies registered in their jurisdiction. The concept of beneficial ownership exists because the registered shareholder of a company is not necessarily the person ultimately controlling and benefitting from...

Monitoring the economic reopening

Economic development in a country is best measured by GDP and GDP expectations. Given that share prices reflect expectations on the future stream of earnings, economic expectations are a key driver to the outlook. Following the start of the covid-19 pandemic, and the consequent lockdown...

National FDI Screening briefing seminar

The IFSP will be holding a briefing seminar on the National FDI Screening for its members on Friday, 26 June 2020, from 14:00 to 15:30. The session will be held online via Zoom. Mario Galea, who heads the National FDI Screening Office and Bethany Magro, also...

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