The Malta Financial Services Authority (MFSA) said that both the licensed Trust and Company Service Provider (TCSP) and the banking sectors are “fully compliant with international requirements”, in as far as the maintenance and accuracy of Ultimate Beneficial Owner (UBO) information in Malta, noting that...
OECD’s Malta peer review on tax information sharing highlights problems with reporting of data as reason for downgrade. The IFSP duly notes the outcome of the Global Forum on Transparency and Exchange of Information for Tax Purposes: Malta 2020 (Second Round) Peer Review Report (‘the Report’)...
A number of members have had questions about some of the questions included in the MFSA’s Questionnaire of Financial Crime Compliance, now due to be submitted on 29 May after the IFSP asked for an extension on the submission deadline. The queries and requests for...
Register of Beneficial Owners and trusts Applies to all trusts from 10 March 2020 11 February 2020 The IFSP and STEP Malta have been in discussion with the MFSA about the Register of Beneficial Owners (RBO) for trusts. We urge you to keep in mind that the relevant EU...
IFSP demands that all in positions of responsibility and leadership and linked in any way to assassination, money laundering, abuse of public office, or corruption must step back in the national interest Valletta, 29 November 2019 The IFSP notes recent events unfolding in Malta with dismay and...
The Malta Financial Services Authority has issued a consultation paper on the possible future regulation of Corporate Services Providers under the title Raising the Bar for Corporate Services Providers. This is an area of crucial importance to most of the members of the IFSP. Many,...
The IFSP notes recent press reports that suggest that Malta appears to have failed to reach a satisfactory level in its assessment by MONEYVAL in the Mutual Evaluation Report following the assessment of Malta’s anti-money laundering and combating the financing of terrorism system as at...
IFSP working on fintech regulation, tax matters, AML and more The IFSP has been kept busy over 2018, a situation which looks set to continue through 2019. Through the IFSP Council and sub-committees, a wide range of issues each with a potential for profound impact on...
The PMLFT sub-committee is another that has been kept busy during 2018, and will continue to be deeply engaged through 2019. Again, there are a number of strands to the committee’s efforts: the Register of Beneficial Owners (RBO), the updated Implementing Procedures (both Part 1...
New areas of business are always welcome, but bring with them new risks and concerns as well as bright opportunities. Fintech in general, cryptocurrencies and distributed ledgers technology is a case in point. The establishment of a regulated environment for virtual financial assets within the...