Revenue New Electronic Forms in real time

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The Commissioner for Revenue has issued a notice stating that as from 1 June 2020, the five new services will be launched for persons in business:
  1. PE Registration Form
  2. PE Deactivation Form
  3. PE Reactivation Form
  4. VAT – Change in Register
  5. VAT – Maintain Economic Activity
Requests will be processed in real time. For more info, refer to the following link.

Prime24Options (P24O LTD) – Unlicensed Entity

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The MFSA wishes to alert the public, in Malta and abroad, that https://prime24options.com/index.php is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any investment services or other financial services which are required to be licensed or otherwise authorised under Maltese law.
For more information, click here.

Libra Markets – Unlicensed Exchange

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The MFSA wishes to alert the public, in Malta and abroad, that Libra Markets is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide the service of an exchange or other financial services which are required to be licensed or otherwise authorised under Maltese law. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.
For more information, click here.

MFSA Warning – BTSave – Unlicensed Exchange

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The MFSA wishes to alert the public, in Malta and abroad, that BTSave is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide the service of an exchange or other financial services which are required to be licensed or otherwise authorised under Maltese law. The MFSA would also like to make reference to the warning that has been issued against BTSave by the UK Financial Conduct Authority for providing financial services or products in the UK without the required authorisation. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.
For more information, click here.

MFSA Warning – AtlasFMI – Unlicensed Exchange

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The MFSA wishes to alert the public, in Malta and abroad, that AtlasFMI is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide the service of an exchange or other financial services which are required to be licensed or otherwise authorised under Maltese law. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.
For more information, click here. 

Forecasting under high uncertainty – Towards a fuller appreciation of the risk environment

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Over recent weeks, several international institutions published their best guesses at quantifying the economic damage by the novel Coronavirus on national, regional and the global economy. One cannot go without noticing the considerable variation between projections and the frequency of revisions given the uncertainty ahead. Economic forecasting in a ’business-as-usual‘ environment is already challenging, let alone when confronted by a black swan event1 such as the COVID-19 outbreak.
Economists attempt to use their sophisticated econometric toolkit to model the severity of the decline in output and debate which shape – be it U, V or W – the economic recovery will assume. However, the uncertainty ahead warrants a caveat that these projections are subject to notable downside risks with economic repercussions which no model can possibly capture.
To read more click here.

HSBC Bank Malta Charges with regards to bank account confirmations

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It has been brought to our attention that as from January 2020, HSBC Audit Bank confirmation letter fees have increased. Following an enquiry by the Institute with the bank it was clarified that the service has been outsourced to a third party service provider and fees are chargeable as follows:
  • Direct HSBC fees will be charged by the bank to the end client;
  • Third party service provider fees will be charged to the auditor, who will then disburse these fees to the end client.

Final Reminder – Submission of Risk Evaluation Questionnaire 2020

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The FIAU would like to remind all Subject Persons who have not yet submitted the Risk Evaluation Questionnaire (REQ), to process their submissions without undue delay and by not later than the 18th May 2020 at 17.00pm.
By means of this notice, the FIAU is informing all Subject Persons that following this deadline, the REQ will only be available to be completed for information purposes. Subject Persons who fail to submit the REQ by 18th May 2020 deadline are still encouraged to complete the REQ but may still be subject to an imposition of an administrative penalty in terms of Regulation 19 of the Prevention of Money Laundering and Funding of Terrorism Regulations (S.L 373.01).
Subject Persons who have already submitted the REQ are requested to disregard this notice. While, Subject Persons who would like to confirm that the REQ has been submitted may do so by logging into the CASPAR Portal and confirming that the REQ status for the year 2020 appears as ‘Completed’.

Reminder – Submission of Risk Evaluation Questionnaire 2020

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The FIAU would like to bring the below Notice to the attention of all members:
The FIAU would like to remind all Subject Persons who have not yet submitted the Risk Evaluation Questionnaire (REQ), to process their submissions without undue delay and by not later than the 18th May 2020 at 17.00pm.
By means of this notice, the FIAU is informing all Subject Persons that as from 18th May 2020, the REQ will only be available to be completed for information purposes. Subject Persons who fail to submit the REQ by 18th May 2020 deadline are still encouraged to complete the REQ but may still be subject to an imposition of an administrative penalty in terms of Regulation 19 of the Prevention of Money Laundering and Funding of Terrorism Regulations (S.L 373.01).
Subject Persons who have already submitted the REQ are requested to ignore this notice. Subject Persons who would like to confirm that the REQ has been submitted, may do so by logging into the CASPAR Portal and confirming that the REQ status for the year 2020 appears as ‘Completed’.

Guidance Note – COVID-19: Remaining Vigilant Again

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Notice from the FIAU:
 
The FIAU understands that subject persons are facing unprecedented challenges and operating in difficult circumstances brought about by the COVID-19 pandemic.
 
It has now become clear that the virus is a breeding ground for criminals and criminal organizations seeking to exploit the situation. The ensuing economic crisis has likewise given criminals the opportunity to thrive.
 
As Europe gradually emerges from the holds of the pandemic, the criminal landscape is only just beginning to flourish, and the risks of money laundering and terrorism financing are increasing.
 
As part of its ongoing assessment of the situation, the FIAU would like to advise on current and anticipated threats, address arising concerns, and remind subject persons to remain vigilant in the face of ML/FT risks.
 
Kindly click here to access the latest guidance document by the FIAU in response to the COVID-19 pandemic.