Nexia BT partners alleged financial crime has turned accountancy into an “inferior grade” profession in the eyes of many, the president of the Malta Institute of Accountants (MIA) told its members.
Writing to more than 3,500 accountants in Malta, Fabio Axisa said allegations of financial crime against some individuals had cast a “heavy shadow” on the whole profession and represented a “dark page” in its history.
The strongly worded letter, seen by
Times of Malta, was sent to members after Nexia BT partners Brian Tonna, Karl Cini and Manuel Castagna were charged with money laundering, forgery and other crimes in connection with the business activities of the former prime minister’s chief of staff, Keith Schembri.
Lawyers, accountants face tougher rules, higher costs to act as company directors
An army of warranted professionals in Malta are balking at new rules removing their exemption from onerous authorisation by the financial regulator to act as company officers
6 April 2021, 8:04am
by Matthew Vella
An army of warranted professionals in Malta – accountants, auditors, lawyers and notaries – are balking at new rules removing their exemption from onerous authorisation by the financial regulator (MFSA) to act as company officers.
The pressure on Malta to tighten up its corporate governance rules by the Council of Europe’s Moneyval, will mean warranted professionals must be authorised before accepting directorships on companies or providing the services of company secretary.
In the early 1970s, an eminent architect, Roger Degiorgio, shared his idea of setting up a federation for professional organisations, with John Chadwick, then director of the Commonwealth Foundation. The latter immediately gave his full support to this concept and on February 19, 1971, the Malta Federation of Professional Bodies was born, changing its name to Malta Federation of Professional Associations (MFPA) in 1999.
It was founded by seven members, five of which are still active today: Kamra tal-Periti, Dental Association of Malta, Malta Institute of Accountants, Medical Association of Malta and Malta Association of Electrical Engineers, which later joined other engineering disciplines and formed the Chamber of Engineers.
Newsbook
New RSM Malta Director Roberta West Falzon
RSM Malta has announced the appointment of Roberta West Falzon as director of RSM Malta within the Audit and Assurance team as from 1st January 2021.
This promotion came following just over five years serving RSM Malta as Audit Manager.
Roberta West Falzon is a Certified Public Accountant and holds a Practising Certificate in auditing. She graduated with Bachelor of Commerce and Bachelor of Accountancy (Hons) Degrees from the University of Malta and is a fellow member of the Malta Institute of Accountants. Subsequently she was also awarded the ACCA Diploma in International Financial Reporting.
Representatives from the Malta Institute of Accountants and the Malta Banking Association highlighted the main concerns encountered by corporate services providers (CSPs) acting on behalf of clients, in on online discussion held on February 1.
The webinar explored the theme of ‘Topical Issues affecting Banks and Practitioners’ and identified the major stumbling blocks that often lead to a longer process following requests to open a new bank account.
The event provided a platform for members of the MBA and the MIA to bridge information gaps between banks and CSPs on matters such as risk appetite, new banking relationships and trust between actors.