A political agreement has been reached at EU Council level on the proposed Anti-Money Laundering Regulation (“AMLR”) and the new 6th Anti-Money Laundering Directive (“AMLD6”), and negotiations with the European Parliament for the eventual agreement and adoption of the final version of these texts, should now commence.Some noteworthy, proposed changes include the following:Persons trading in […]
The Government of Malta affirmed its commitment to the sustainability and growth of the local aviation sector through the launch of Malta’s Civil Aviation Policy 2023-2030 (the “Policy”), which was introduced to stakeholders during the National Aviation Conference 2023, held on 18 January 2023. The Policy focuses on five pillars aimed at providing strategic direction […]
On 5 January, 2023, the Corporate Sustainability Reporting Directive (Directive (EU) 2022/2464) (“CSRD”) entered into force, after having been formally adopted by the European Parliament and Council of the European Union in November, 2022, and published in the Official Journal of the European Union on 16 December, 2022.The CSRD seeks to promote a coherent flow […]
Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector (“DORA”) and Directive (EU) 2022/2556 of the European Parliament and of the Council of 14 December 2022 (the “Amending Directive”), came into force yesterday 16 January 2023 and will become applicable on […]
On 20 December 2022, the Financial Intelligence Analysis Unit (FIAU) published a new set of Implementing Procedures – Part II, aimed at accountants and auditors. The guidelines, which will become effective on 1 April 2023, provide additional guidance on AML/CFT obligations arising from the Prevention of Money Laundering Act, the Prevention of the Money Laundering […]
In November 2022, the Financial Intelligence Analysis Unit (“FIAU”) published its Strategy for 2023 – 2026 which sets out, inter alia, its commitment to protecting the Maltese financial system and community from financial crime by combatting Money Laundering and Funding of Terrorism (“ML/FT”), through the generation and dissemination of useful intelligence and the application of […]
Camilleri Preziosi Advocates contribute to the Proskauer Rose and International Employment Lawyer “Guide to Whistleblowing”. The chapter can be downloaded by clicking on the link hereunder.
On 27 October 2022, the European Commission (the “Commission”) updated its Supranational Risk Assessment (“SRNA”) following a comprehensive assessment of specific Money Laundering and Terrorism Financing (“ML/TF”) risks affecting the EU’s internal market and relating to cross-border activities. Accordingly, the third edition of the SNRA focuses on ML/TF risks associated with products and services which […]
On 19 October 2022, the Malta Financial Services Authority (the “MFSA”) issued a circular informing the banking sector that it has issued a new Banking Rule BR/26 on the Stress Testing Requirements of Credit Institutions Licensed under the Banking Act (the “Rule”), repealing BR/12 Annex 2D – Principles on Stress Testing. The Rule is applicable […]
On Monday evening, Minister of Finance Clyde Caruana presented Malta’s budget to Parliament highlighting the Government’s economic vision for the upcoming year. Against a backdrop of global economic volatility and uncertainty, the budget reflects the government’s commitment to continue improving and building upon economic growth, whilst also safeguarding the interests of those most vulnerable in […]