The Malta Financial Services Authority (“MFSA”) has become aware of an entity operating under the name of Konano Wealth Ltd which has an internet presence at https://www.konano.com. The entity claims to be a regulated “Category 3 Investment Service Provider”.

Its website is making unauthorised use and reference to the registered address and other company details of a Maltese licensed company.

The MFSA wishes to alert the public, in Malta and abroad, that Konano Wealth Ltd 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. Accordingly, the MFSA warns the public against entering into any transactions or otherwise dealing with the above-mentioned company on any matters falling within the parameters of the Investment Services Act, Chapter 370 of the Laws of Malta.

The MFSA would like to remind consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator. Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.

A list of entities licensed by the MFSA can be viewed on the official website of the MFSA at https://www.mfsa.mt/financial-services-register/.

If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, first of all stop all transactions with the company and contact the MFSA at https://www.mfsa.mt/about-us/contact/ as soon as a suspicion arises.

Interpretative Note on Assessing Jurisdictional Risk and the Consequential Application of AML/CFT Obligations in light of Malta’s Grey Listing by the Financial Action Task Force

On 23 June 2021, the Financial Action Task Force (FATF) placed Malta under increased monitoring as part of a process to ensure that it addresses specific remaining deficiencies in its anti-money laundering and countering the financing of terrorism (AML/CFT) regime – a process which is often informally referred to as having been “grey listed”.

Grey listed jurisdictions are to be considered as non-reputable in line with the definition of a “non-reputable jurisdiction” provided for in Regulation 2(1) of the PMLFTR and as further set out in Section 8.1.1 of the Implementing Procedures – Part I. This also means that a number of obligations are triggered, including the application of Enhanced Due Diligence (EDD) measures (Regulation 11(10)), and restrictions of the application of Simplified Due Diligence (SDD) (Section 8.1.3 of the Implementing Procedures – Part I) and of reliance (Regulation 12(2)(a)).

The Financial Intelligence Analysis Unit (FIAU) is issuing this Interpretative Note to guide subject persons as to how they are to adhere to their AML/CFT obligations in light of Malta’s grey listing by the FATF.

Although subject persons are required to assess the reputability and risk of a jurisdiction to better understand the risks they are exposed to, this obligation is not to be interpreted as being also applicable to Maltese subject persons with respect to Malta itself. Therefore, subject persons are not required to assess the jurisdictional risks arising from entertaining business relationships or conducting occasional transactions with Maltese or resident clients.

Therefore, subject persons are not expected, solely because of Malta’s placement under increased monitoring by the FATF, to consider Malta as non-reputable or as a high-risk jurisdiction. This development need not be considered as a trigger to revise or update the Business Risk Assessment or Customer Risk Assessments. Neither should this development, on its own, result in an intensification of AML/CFT measures, including the application of EDD, with respect to Maltese or Maltese resident customers, including bodies corporate and legal arrangements established in Malta or having Maltese beneficial owners. Subject persons may therefore continue to place reliance on other Maltese subject persons, and may equally continue to apply SDD on Maltese or resident customers in situations which are deemed to pose a low risk of ML/FT.

Link to PDF

The Malta Financial Services Authority (“MFSA” or “the Authority”) has become aware of an entity operating under the name of Rizzo Investment which has an internet presence at https://rizzoinvestment.com/ and at https://www.rizzoinvestmentltd.com/ however, the websites are currently offline. The websites are making use of the details of an MFSA licenced company Rizzo, Farrugia & Co (Stockbrokers) Ltd. (C 13102). Fraudsters are using the details of this genuine company in an effort to deceive the public.

The MFSA wishes to alert the public, in Malta and abroad, that Rizzo Investment is NOT a Maltese registered company NOR is it licensed or otherwise authorised to provide any investment services or any other financial services which are required to be licensed or otherwise authorised under Maltese law. Additionally, the Authority confirms that Rizzo Investment has NO association with the MFSA licensed company Rizzo, Farrugia & Co (Stockbrokers) Ltd. (C 13102).

The websites https://rizzoinvestment.com/ & https://www.rizzoinvestmentltd.com/ therefore appear to be a clone of the legitimate entity and the public should therefore refrain from undertaking any business or transactions with the false entity.

Furthermore, information available to the MFSA suggests that https://rizzoinvestment.com/ and https://www.rizzoinvestmentltd.com/ are likely to be a scheme of dubious nature with a high risk of loss of money. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.

The MFSA would like to remind consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator. A list of entities licensed by the MFSA can be viewed on the official website of the Authority at https://www.mfsa.mt/financial-services-register/.

For more information on clone companies please refer to the Scam Detection Guidelines issued by the MFSA. If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, first of all stop all transactions with the company and contact the MFSA as soon as a suspicion arises.

The FIAU would like to bring to your attention the latest FATF 'High-Risk Jurisdictions subject to a Call for Action' (previously known as ‘Public Statement’) and 'Jurisdictions under Increased Monitoring' (previously known as ‘Improving global AML/CFT compliance: on-going process’) documents issued by the FATF on 25 June 2021. A copy of these documents has been uploaded on the FIAU’s website under ‘Country Statements’.

The FATF classifies the jurisdictions included in these documents into different categories, in accordance with the deficiencies present in such jurisdictions and the level of commitment and progress made in addressing such deficiencies.

The categories are the following:

1. Jurisdictions with strategic deficiencies in their regime to counter money laundering, terrorist financing, and financing of proliferation that have failed to meaningfully address their AML/CFT deficiencies and are subject to a call for counter-measures (listed under 'High-Risk Jurisdictions subject to a Call for Action’). This process is informally referred to as black listing;
2. Jurisdictions that have developed an action plan with the FATF and have made a high-level political commitment to address their AML/CFT deficiencies (listed in the 'Jurisdictions under Increased Monitoring'). This process is informally referred to as “grey listing”. This document also lists jurisdictions that are no longer subject to the FATF on-going global AML/CFT compliance process, where applicable.

Subject persons are required to implement the measures set out under Regulation 11 of the Prevention of Money Laundering and Funding of Terrorism Regulation S.L. 373.01 (“PMLFTR”) and under Chapter 8 of the FIAU Implementing Procedures Part I, which is legally binding upon all subject persons in terms of Regulation 17 of the PMLFTR.

'High-Risk Jurisdictions subject to a Call for Action’

Since February 2020, in light of the COVID-19 pandemic, the FATF has paused the review process for countries in the list of High-Risk Jurisdictions subject to a Call for Action, given that they are already subject to the FATF’s call for countermeasures. Therefore, subject persons should refer to the list of ‘High-Risk Jurisdictions subject to a Call for Action’ adopted in February 2020. While the statement may not necessarily reflect the most recent status in Iran and the Democratic People’s Republic of Korea’s AML/CFT regime, the FATF’s call for action on these high-risk jurisdictions remains in effect. Subject persons should refer to Regulation 11(11) of the PMLFTR and apply the enhanced due diligence measures therein.

'Jurisdictions under Increased Monitoring'

In October 2020, the FATF decided to recommence work, paused due to the COVID-19 pandemic, and to identify new countries with strategic AML/CFT deficiencies and prioritise the review of listed countries with expired or expiring deadlines of action plan items. The following countries had their progress reviewed by the FATF since February 2021: Albania, Barbados, Botswana, Cambodia, Cayman Islands, Ghana, Jamaica, Mauritius, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Uganda, and Zimbabwe. For these countries, updated statements are provided on the FATF website. Burkina Faso and Senegal were given the opportunity and chose to defer reporting due to the pandemic; thus, the statements issued in February 2021 for these jurisdictions are included below, but they may not necessarily reflect the most recent status of the jurisdiction’s AML/CFT regime.
Following review, the FATF now also identifies Haiti, Malta, Philippines, and South Sudan.
The FATF welcomes the progress made by these countries in combating money laundering and terrorist financing, despite the challenges posed by COVID-19.With regards to the enhanced due diligence measures to be applied to the above-mentioned jurisdictions, subject persons should refer to Regulation 11(10) of the Prevention of Money Laundering and Funding of Terrorism Regulations.
Interpretative Note on Assessing Jurisdictional Risk and the Consequential Application of AML/CFT Obligations in light of Malta’s Grey Listing by the Financial Action Task Force
The FIAU has issued an interpretative note to guide subject persons as to how they are to adhere to their AML/CFT obligations in light of Malta being placed under increased monitoring by the FATF. The interpretative note may be downloaded from the ‘Publications & Consultation’ section of the FIAU’s website.

In the event that any further information is required, you may contact the FIAU on queries@fiaumalta.org

The Malta Financial Services Authority (“MFSA”) has become aware of an entity operating under the name of Pinegroup Limited which has an internet presence at https://pinegroupltd.com/.The MFSA wishes to alert the public, in Malta and abroad, that https://pinegroupltd.com/ is NOT a Maltese registered Company NOR licenced 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.

The MFSA would like to remind consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator. Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.

A list of entities licensed by the MFSA can be viewed on the official website of the MFSA.

If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, first of all stop all transactions with the company and contact the MFSA as soon as a suspicion arises.

The Malta Financial Services Authority (“MFSA”) has become aware of an entity operating under the name of Venotrade Investment (Europe) Ltd (“Venotrade” or “the Entity”).

The Entity claims to “have built the world's leading platform for digital currency integration for investment and trading” and is also using a falsely drawn MFSA licence document, purporting to be a Category 3 Investment Services Licence Holder.

The MFSA wishes to alert the public, in Malta and abroad, that this entity 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. Furthermore, information available to the MFSA suggests that Venotrade is likely to be a scheme of dubious nature with a high risk of loss of money. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.

The MFSA would like to remind consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator. Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.

A list of entities licensed by the MFSA can be viewed on the official website of the MFSA.

If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, first of all stop all transactions with the company and contact the MFSA at https://www.mfsa.mt/about-us/contact/ as soon as a suspicion arises.

The Financial Intelligence Analysis Unit (FIAU) would like to bring to the attention of subject persons and interested parties the publication in the Government Gazette of Legal Notice 199 of 2021.  This legal notice, which was issued on 30 April 2021, introduces a series of amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR). Read More

Due to the continued exceptional circumstances brought about by the COVID-19 pandemic that have created a challenging environment, an extension for the submission of the report containing Financial Account information relating to Reporting Year 2020 has been granted, to provide sufficient flexibility to such Reporting Malta Financial Institutions.

In line with regulations 30, 41 and 45 of the Cooperation with other Jurisdictions on Tax Matters Regulations, Reporting Malta Financial Institutions must report the information specified in Section I of Annex I to the Regulations and the information specified in Article 2(2)(a) and Article 3(2) of the FATCA Agreement on U.S. Reportable Accounts by not later than 30th June 2021 in relation to Reporting Year 2020.

Meanwhile may we also remind you that version 4 of the AEOI Implementing Guidelines has been published.

All above information may be accessed here.

The Commissioner for Revenue notifies that the facility to upload and submit the income tax return and the supplemental document for Year of Assessment 2020 required to be filed by a principal taxpayer in respect of a fiscal unit is now available.

The Malta Financial Services Authority (“MFSA” or “the Authority”) has become aware that a number of individuals have received unsolicited calls via social media mobile applications. The caller profile of these calls or missed calls appear to be received from ’MFSA’. The calls may appear to be received from a foreign number or may not appear at all.

It appears that the callers might be asking the consumers to provide their bank details or otherwise their bank account will be blocked. The MFSA wishes to inform the public, in Malta and abroad, that these calls do NOT originate from the Authority and it likely relates to a scheme of dubious nature with a high risk of loss of money. The MFSA hereby alerts the general public to never provide such sensitive and confidential information over social media, email or other means to unknown individuals.

It should be noted that the Authority communicates with the public only through official channels. Similarly, banks or other government institutions do not contact consumers through such means.
The MFSA would like to remind consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator. Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.
For more information on scams please refer to the Scam Detection Guidelines issued by the MFSA. If you are a victim of a scam or any other type of financial scam or think you might be dealing with an unauthorised entity, first of all stop all transactions with the company and contact the Authority as soon as a suspicion arises.