Malta

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Malta: Trying to bridge the gap between banks and clients

Loyal customers are feeling “let down” when their bank accounts are closed, particularly when they are not given a valid reason, a financial watchdog has highlighted. Financial arbiter Reno Borg says in his annual report that certain customers, however, fail to realise that more stringent anti-money laundering rules need their… Read More

Malta could take longer to get off the FATF grey list

Getting off the money-laundering grey list might take longer than Maltese authorities hope as it will be difficult to prove effective enforcement in certain “tricky” areas, a leading international expert has warned. Giuseppe Lombardo, who has evaluated several countries as a senior assessor for MoneyVal, told a conference of local… Read More

Malta: After Mdina deal, Rosianne Cutajar investigated for tax evasion since February

An investigation into tax evasion and the role Labour MP Rosianne Cutajar played in brokering a property deal in Minda for Yorgen Fenech has been ongoing since February, the Times of Malta has reported. The Tax Compliance Unit started an audit and an investigation soon after the multi-million property… Read More
28th June 2021
The Financial Action Task Force (FATF) on Friday added Malta, Haiti, South Sudan and the Philippines to its list of jurisdictions requiring increased monitoring for their shortcomings in meeting international standards on fighting money laundering and terrorist financing. As part of the designations, the jurisdictions agreed… Read More
24th June 2021
Members of a global anti-money laundering watchdog have voted to add Malta to its grey list, in a decision that could have serious negative repercussions on the country’s economy. The Financial Action Task Force (FATF) plenary came to the decision shortly after 2.30pm on Wednesday afternoon. Although no official announcement… Read More
22nd June 2021
Maltese diplomats are engaged in last-minute arguments with counterparts to convince the Financial Action Task Force that it should not ignore the Council of Europe’s Moneyval assessment of the island’s anti-money laundering framework. The Maltese fear a grey-listing from FATF of its financial jurisdiction emanates from two action points out… Read More
22nd June 2021
Some €60 billion in cryptocurrency and other virtual assets moved through Malta after it first announced itself as the ‘blockchain island’, when controls were still considered lax. Malta has since shored up its regulatory framework for cryptocurrency but that large volume of transactions during the country’s initial push for crypto… Read More
17th June 2021
Malta is heading into a final vote on whether or not it should be put on the money laundering offenders’ list without a clean bill of health, after international experts gave the island mixed reviews on Tuesday. Evaluators from the Financial Action Task Force (FATF) met in Paris on Tuesday… Read More
16th June 2021
The Financial Intelligence Analysis Unit has published a list of all government jobs whose authority and control on vast amounts of money and influence, qualifies them as political exposed persons (PEPs) The list, drawn up on advice of the National Co-ordinating Committee on Combating Money Laundering and Funding of Terrorism,… Read More
11th June 2021
Earlier this week the Council of Europe’s MONEYVAL published a progress report showing significantly improved ratings for Malta in its fight against money laundering and terrorist financing from a technical perspective. Thursday’s report clearly acknowledged the progress made since Malta’s earlier evaluation, at times doing so quite openly when confirming… Read More
9th June 2021
A national strategy to fight fraud and corruption has been quietly updated after 13 years, with the government acknowledging the need to improve perceptions about this type of crime in Malta. The belated update of the strategy comes after a 2019 assessment report by the Council of Europe’s anti-corruption body… Read More
3rd June 2021
The digital banking alternative Revolut has started requesting users of its mobile phone app to provide their tax residence details and taxpayer identification numbers, leaving clients wondering whether their transactions will be transmitted to the Maltese authorities. The answer is simply, yes. The OECD’s CRS (Common Reporting Standard) and the… Read More
28th May 2021
Malta has demonstrated “significant progress” in fighting money-laundering and terrorism financing, an assessment by Moneyval has found. The Council of Europe anti-money laundering body said on Thursday that Malta has succeeded to meet general expectations after a raft of deficiencies were first identified by Moneyval in 2019. The country has… Read More