Regulators have just endured a tough week of questioning by an international anti-money laundering watchdog but are “cautiously optimistic” the country will avoid being put on a list of untrustworthy jurisdictions.
Assessors from the Financial Action Task Force (FATF) were here over the past few days to hold a series of meetings with law enforcement and regulatory entities involved in the island’s fight against financial crime.
The police, the Financial Intelligence Analysis Unit (FIAU) and the Malta Financial Services Authority (MFSA) were among those interviewed by assessors.
The FATF will make the final decision if Malta is put on a so-called ‘grey list’, which could have far-reaching consequences for the country’s economy.
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The reform to the Company Service Provider (CSP) regime
introduced on 16 March 2021 by the Company Service Providers
(Amendment) Act, 2020 brought with it a revamped CSP Rulebook
(Rulebook). As previously exempt CSPs continue to work towards
applying for their licences by the impending 16 May 2021 deadline,
they are also looking at what their obligations will be should they
be granted authorisation by the Malta Financial Services Authority
(MFSA). The same is being done by CSPs who were already registered
with the MFSA before the reform took place and who must ensure full
Beyond Moneyval, vigilance must remain strong
Passing the Moneyval test, which still requires the final stamp of the Financial Action Task Force, is not the end of the road
5 May 2021, 7:39am
News that Malta has passed its Moneyval test allows the financial services industry and business operators to breathe a sigh of relief.
Failure to comply could have seen the country enter the money laundering grey list and that would have spelt serious trouble.
Malta has had a rough ride over the past five years not least because its anti-money laundering structures were found wanting at a time when the financial services sector and the gaming industry grew exponentially.
World Press Freedom Day: Council of Europe platform highlights threats to media in Malta
14 hours ago
Malta has a total of nine alerts on the Council of Europe’s platform to promote the protection of journalism and safety of journalists, only one of which is marked as “resolved” and another of which is marked as a case of “impunity for murder,” according to its annual report.
As the world marks Press Freedom Day, the report, written up by a coalition of press freedom NGOs, journalists federations and media alliances, found that “in 2020, extraordinary damage was inflicted on the practice of free and independent journalism” as a result of COVID-19 emergency regulations as well as an entrenching of the culture of impunity; increased threats and physical violence; judicial harassment and State-led media capture as methods to undermine independent journalism.
The following are the main stories in Tuesday’s newspapers.
Times of Malta says Joseph Muscat’s bank deposits shot up by €191,000 in the year he quit as prime minister, a comparison of his asset declarations to parliament shows. His declaration for 2020 also lists two new properties. In another story, the newspaper says that an inmate who claimed torture in prison has been put in solitary confinement.
The Malta Independent says that a chief executive to head the Malta Financial Services Authority is being sought.
L-Orizzont reports about Monday’s cabinet meeting during which Prime Minister Robert Abela said that a national strategy for the rights of people with a disability is to be drawn up.