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The Financial Intelligence Analysis Unit ('FIAU') is responsible for gathering and analysing data pertaining to financial crime such as money laundering and financing of terrorism. The aim of such a process is for the FIAU to have a better understanding of the financial crime risk in Malta as well as to aid in the prosecution of money launderers and financers of terrorism.

On 1 March 2023, the Financial Intelligence Analysis Unit (FIAU) made available the Risk Evaluation Questionnaire (REQ) through CASPAR for all subject persons. As a result, subject persons must ensure that they are registered to the portal and that the Subject Person Profile is kept updated.

On 25 January the Malta Financial Services Authority issued an update on the Virtual Financial Assets Framework to update the public on the progress of the implementation of the regulatory framework.

The Malta Financial Services Authority has recently launched a consultation paper highlighting its vision for the coming years. Labelled as MFSA's Vision 2021 it outlines the authority’s aim to strengthen its processes and paving the way for the future of the financial services industry. Concurrently, the MFSA also launched a consultation document on the MFSA's FinTech strategy, proposing the introduction of a regulatory sandbox and innovation hub.

Even if many believe the world is getting harder to predict, that hasn’t stopped international publications from trying to forecast the year ahead. Here we round up some of the predictions making headlines around the world

How manage the hidden complexities of indirect taxation? It’s not just the immediate demands of VAT/GST that are complex and challenging, but the extent to which it forms part of wider shifts in how businesses are taxed.

Progress in finance has facilitated the exchange of value to an automated process, but behind the scenes it has been a centuries’ long process to get where we are today.

Only around half of businesses have a clear strategy and business case for enhanced digital transformation within the finance function. Is your organisation ready to make better business decisions?

Many predict that DLT is reinventing and transforming key industries and creating new business models, making every transaction transparent, democratic, decentralized, efficient and secure. The belief in blockchain’s potential is so widespread that financial and tech entities have invested an estimate of $1.4 billion in 2016, which is expected to go up to $2.1 billion in 2018.

Business First is a one-stop shop for entrepreneurs and SMEs, though which one can obtain from business related services related to VAT, employment and licenses matters, amongst others..

AI has slowly been working its way into businesses. Business Intelligence (BI) systems generate and automatically process a wealth of digital data providing the necessary metrics to efficiently run an organization. Machine learning and AI solutions have the potential to further crunch such data creating unprecedented opportunities for improvement across health, lifestyle, transportation, education and practically every human activity.

Malta plans to develop a National AI Strategy, putting the island amongst the top 10 nations that have taken such an approach to artificial intelligence . A key advantage of Malta is its size, making it similar to a cosmopolitan city that could allow companies to test their products in a real-life scenario.

No doubt that blockchain technology presents many opportunities that will keep transforming the financial space. The disruptive technology is exponentially opening up international markets the same way the internet transformed access to information. For those that recognize what blockchain technology has to offer, its potential has no barriers, both for entrepreneurs and consumers who will be able to gain access to any service or assets they need where they are and when they need them.

The Financial Intelligence Analysis Unit (FIAU) has published a document for consultation which covers the application of Anti-Money Laundering and Countering the Funding of Terrorism (AML/CFT) obligations by the Virtual Financial Assets (VFA) sector. The guidance notes will apply to VFA agents, VFA issuers and VFA licence holders.

Monday 22 October 2018 marks the presentation of the 2019 budget of this government aimed at stimulating economic growth, reducing government debt and delivering a budget surplus year on year.

The MFSA has published further material with regards to the Virtual Financial Assets Regulations. The rules place heavy emphasis on the level of competence that prospective VFA Agents are required to have, both in terms of the traditional financial services framework as well as the regulatory framework developed under the Virtual Financial Assets Act.