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A Malta-based bank, Satabank, has had its licence withdrawn by the European Central Bank, Finance Minister Edward Scicluna and the Malta Financial Services Authority said on Wednesday.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

FIAU Notice: Amendments to the PMLFT Regulations

Background   The Financial Intelligence Analysis Unit (“FIAU”) wishes to inform interested parties that a series of amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”) S.L. 373.01, were published in Government Gazette No. 20,410 on the 22nd May 2020 by means of...

Register of Beneficial Owners Regulations

Changes to the Companies Act (Register of Beneficial Owners) Regulations, 2017 (hereinafter referred to as the ‘Regulations’) will become effective following the entry into force of Legal Notice 247 of 2020. This notice is being brought to the attention of all company officers and provides...

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