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‘Malta’s financial institutions to survive stress test’

Dated: [bxcode.pagedata.date]

Finance Minister Edward Scicluna is confident that Malta’s financial institutions will survive the severe stress test they are undergoing both locally and internationally.

Addressing an Institute of Financial Services seminar, Prof. Scicluna said “foreign investors believe in Malta and we will continue to be one of the competitive choices in the Mediterranean”.

He referred to the e-gaming sector, compliance and regulatory issues, Malta’s tax regime and business transparency as topics which were attracting a lot of attention in the media. These issues, he said, needed to be addressed separately, adding that financial institutions needed to be more efficient.

Referring to transparency, he said various considerations and changes were likely to come into force, including the register of companies being accessible to a wide-set of users. Addressing anti-money laundering, the minister reminded practitioners of their responsibilities in carrying out due diligence on their clients.

He announced international professional advisors were being engaged to prepare the country for the next year’s MONEYVAL audit as part of the Country’s Preparation Programme.

MONEYVAL, a permanent monitoring mechanism of the Council of Europe, is entrusted with the task of assessing compliance with principal international standards to counter money-laundering and the financing of terrorism, the effectiveness of their implementation, as well as the task of making recommendations to national authorities with respect to necessary improvements to their systems.

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