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Government registers €312 million deficit in first quarter

During the first quarter of 2020, the Government’s Consolidated Fund reported a deficit of €312.5 million, the NSO said today.   Between January and March 2020, recurrent revenue fell by €88.9 million and totalled €925.6 million. This reflected an 8.8 per cent decline from the €1,014.5 million...

Malta’s economic prospects post COVID-19 pandemic

In recent days, the International Monetary Fund (IMF) and two major credit rating agencies – Fitch Ratings and Moody’s – all published updated reports and analysis on Malta’s expected economic performance post COVID-19. Last month, the other major international credit rating agency S&P had also...

Malta: ESMA Risk Assessment Update In Light Of COVID-19

On the 2 April 2020, the European Securities and Markets Authority (ESMA) updated its risk assessment to account for the impact of COVID-19.   In the risk assessment, ESMA highlights that the COVID-19 pandemic has led to massive equity corrections, driven by sharp deterioration in the outlook...

New generation of financial supervision

The International Monetary Fund (IMF) and European supervisory institutions have, over recent years, recommended that Malta sharpens its supervisory tools, integrates its efforts and intensifies its regulatory oversight of the growing number of financial institutions in Malta.   The IMF’s Malta Mission Report published last week recognises...

Malta: Extension Of FATCA & CRS Deadlines

Undoubtedly, the current COVID-19 unprecedented circumstances have made it significantly more onerous for Reporting Malta Financial Institutions to subsist operational activity whilst simultaneously ensuring conformity with their reporting obligations under the Cooperation with Other Jurisdictions on Tax Matters Regulations (the “Regulations”).   In response to the above...

EU pushes to ‘phase out’ Malta’s citizenship scheme

Citizenship sale schemes posed money-laundering and corruption risks   The European Commission is recommending a “phasing out” of Malta’s citizenship sale scheme, in a letter sent to the government.   EU Justice Commissioner Didier Reynders confirmed during a European Parliament Civil Liberties and Justice committee debate on Thursday that...

BOV and Malta Development Bank launch aid scheme for local businesses

BOV-MDB COVID Assist will help finance local firms   Bank of Valletta and the Malta Development Bank (MDB), have launched the ‘BOV-MDB COVID Assist’, a financing scheme aimed at assisting local businesses facing unprecedented disruptions brought about by the COVID-19 pandemic.   The BOV-MDB COVID Assist (BMCA) has been...

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