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FIAU Proposes Amendments To The Implementing Procedures

The Financial Intelligence Analysis Unit (FIAU) has proposed a series of amendments to Part I of the Implementing Procedures issued under the Prevention of Money Laundering and Funding of Terrorism Regulations (Subsidiary Legislation 373.01). These proposed amendments seek to make certain obligations more practicable particularly for the...

ECB Provides Temporary Relief For Capital Requirements For Market Risk

The European Central Bank (ECB) announced (click to view the content) a temporary reduction in capital requirements for market risk, by allowing banks to adjust the supervisory component of these requirements.   The measure aims to:   Maintain banks’ ability to provide market liquidity and to continue market-making activities Temporarily...

EU to beef up scrutiny of money-laundering risks, adds Panama to list

The European Commission aims to intensify its scrutiny of states posing money-laundering risks, and is looking into creating a new body to help police financial crime and monitor banks more strictly, draft documents seen by Reuters show.   One document, expected to be published on Thursday, adds...

Government predicts a 7.5% deficit for 2020, with economy shrinking by 5.4%

Finance Minister unveils the government's public finance forecasts     The government is predicting a 7.5 percent deficit for this year, but things could change overnight, Finance Minister Edward Scicluna said on Wednesday.   Sharing the government’s budgeting for the year with social partners, Scicluna said his outlook of public...

Business Assistance During The Coronavirus Outbreak

In order to help reduce the effect of the current instability brought about by COVID-19, the Maltese Government has announced measures to assist companies who are the most at risk during these challenging times.     Promoting teleworking activities   Employers investing in a teleworking set-up may benefit from a...

Adapting to the ‘new normal’

The last couple of weeks were very challenging and turbulent for all industries and segments across the globe due to the ongoing COVID-19 pandemic.   Financial services are not only experiencing the challenges of COVID-19 but also highly-volatile markets.   Nevertheless, the current situation has left businesses to rethink...

Avoiding the grey list

The deadline by which Malta has to up its game on its anti-money laundering efforts or risk being placed in the so-called grey list is fast approaching.   The country has been warned, on several occasions, that it needs to step up its fight against money laundering...

IFSP puts industry views on Corporate Governance forward

In parallel with the work being done by the IFSP and its sub-committees with the FIAU and the ongoing discussions with the Malta Business Registry on its services, and the MFSA on its newly minted framework for CSPs, the IFSP has also submitted its views...

New Honorary Life Members of the IFSP

In recognition of their work, Kevin Valenzia and Andrew Manduca have been made Honorary Life Members of the IFSP.   Both Mr Valenzia and Mr Manduca are founder members of the Institute, part of the group that established the Association of Nominee Companies in the late 1980s and then steered the...

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