Last week, the MIA team welcomed ACCA representatives, where during this visit, both engaged with accounting firms to discuss the challenges and opportunities in recruiting and retaining graduates in the industry.

A special thank you to KPMG, PwC, Deloitte, EY, Tri-Mer Services, University of Malta and the Faculty of Economics, Management & Accountancy for their warm welcome and insightful discussions.

Together, we continue strengthening the future of the profession!

Stakeholders are being urged to enhance their readiness as Malta faces a wave of new anti-money laundering (AML) regulations, coupled with an upcoming Moneyval evaluation in a few years’ time. Preparedness is critical for firms, regulators, and the nation to address the changes introduced by the AML Directive, the establishment of the new European Union (EU) Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), and stricter compliance obligations for accountants and auditors. Staying ahead of these developments is essential to safeguard Malta’s reputation and ensure compliance with regulatory obligations.

This emerged during the AML Conference 2025 hosted by the Malta Institute of Accountants (MIA) in collaboration with the Financial Intelligence Analysis Unit (FIAU). This Conference was organised as part of the ongoing efforts to continue addressing the important fight against money laundering.

Introducing the conference, the Malta Institute of Accountants President Mr Mark Bugeja emphasised the need for stronger oversight, better risk assessments, and investment in advanced compliance technologies to meet the higher standards. He stressed that a single incident could harm years of progress and urged accountants to maintain high ethical standards to protect the profession and Malta’s reputation. “These developments highlight accountants’ growing role in AML compliance. We must ensure our firms and clients are prepared for increased scrutiny by strengthening AML processes and investing in Artificial Intelligence (AI)-driven monitoring.”

Ms Maria Cauchi Delia, Chief Executive Officer (CEO) of the Malta Institute of Accountants, highlighted the Institute’s key efforts, aimed in particular at ensuring that legislation in the sector should be risk-based, simplified, and transparent, without imposing unnecessary burdens. She also emphasised the need for the accountancy sector’s involvement in the legislative process and reaffirmed the Institute’s commitment to training and knowledge-sharing, urging members to stay informed and prepared for evolving regulations.

Mr Alfred Zammit, Director of the FIAU, outlined the ongoing commitment to strengthening Malta’s AML framework and enhancing its state of readiness. Mr Zammit emphasised the importance of being fully prepared for the next Moneyval evaluation, calling for enhanced collaboration between the public and private sector, while urging practitioners to play an active role in safeguarding Malta’s reputation, understand the difficulties, and collaboratively find solutions. He also highlighted the FIAU’s role and preparations with respect to the new AML package to ensure that Malta remains compliant, and to facilitate implementation.

Dr Clara Borg Bonaci, Policy Officer at the European Commission, provided insights into the broader European context of the changes being implemented, with a particular emphasis on how the new EU AML Package is shaping Supervision across Member States.

During the Conference, various FIAU representatives provided an in-depth look at their expectations from the upcoming FIAU’s supervisory cycle as well as the key changes in the 2025 Risk Evaluation Questionnaire. They also shed light on matters such as reporting, policies and procedures, risk assessments, ongoing monitoring, and the need for continuous training.

The importance of thoroughly understanding the customer and their business activities, as well as being familiar with the company’s AML procedures before appointment, was highlighted by various speakers, including representatives of the MIA AML Committee, throughout the Conference. Additionally, the importance of the ability to identify red flags was demonstrated through the use of case studies and practical examples. The Conference also discussed how technology and AI can assist in enhancing AML compliance, while emphasising the importance of the human element throughout this process.

AML local perspectives were also shared by representatives of other key stakeholders in the industry, including Mr Kenneth Farrugia, (Malta Financial Services Authority), Dr Geraldine Spiteri Lucas (Malta Business Registry) and Dr Pauline Saliba (National Coordinating Committee for Money Laundering and Financing of Terrorism).

The MIA AML Committee contributed to the organisation of the AML Conference 2025.

The proposed Malta Labour Migration Policy has drawn ample criticism namely for its ‘one-size-fits-all’ approach that fails to address the unique challenges faced by different industries. ‘A lot is being said and criticised, but not openly,’ is a recurrent comment in business circles.

Launched earlier this year, the policy outlines 32 recommendations and seeks to regulate the employment of third-country nationals (TCNs).

Several business owners and industry leaders are highlighting inadequate provisions for migrant workers’ integration, excessive bureaucracy and cost burdens with proposed measures threatening to stifle economic growth and hinder businesses already struggling with workforce shortages.

They are calling for a more flexible migration strategy tailored to the specific needs of individual sectors.

Their argument considers the high competition for skilled professionals and the way that the proposed policy fails to differentiate between low-skilled and highly qualified workers, calling for wider exemptions that include sectors like finance, technology, and hospitality, sectors that continue to struggle to find the right talent.

Maria Cauchi Delia, CEO of the Malta Institute of Accountants describes attraction and retention of talent as a major challenge for the Maltese financial services industry and the wider economy. She calls for strategic decisions at a national level to ensure that the industry has the necessary skills to grow, with a recognition that for the foreseeable future, this will require the participation of European and third-country nationals.

“We are calling for a sector-specific approach which highlights the importance of recognising the needs of those sectors that offer high value-added potential to the Maltese economy”.

Cauchi Delia says that it is positive that the proposed labour migration policy addresses various areas such as retention and stability, employee rights and working conditions, but believes that such policy should allow wider flexibility that allows the financial industry to recruit and retain the best available talent, irrespective of nationality.

“This flexibility is essential given the high competition for skilled professionals, and failure to do so will hinder the growth and opportunities which the sector offers. It is also important that this policy is aligned more closely with other national strategies, such as education and infrastructure plans, to promote long-term development.”

Robert Ancilleri, CEO of Embark (Malta) Limited and an accountant by profession considers the document, a one-size-fits-all approach which ignores the specific needs of particular sectors, age groups and different ethnic groups.

“As proposed, this policy fails to adequately address the integration of migrating workers’ family members into Maltese society or ensure a decent standard of living for TCNs, including affordable housing and ongoing professional and personal development.”

“It also fails to make a distinction between the public and the private sector, given that the public sector is one of the causes why the private sector is experiencing shortages in certain skills as a result of an over-supply of workers in the public sector,” he added.

Ancilleri explains that thresholds set for several recommendations such as the minimum termination rates, workforce application limits and minimum number of MT/EU nationals before application for TCNs should take into consideration the peculiarities of the different economic sectors, not company size.

“These thresholds risk crippling the business operation of many entities and put a severe strain on the current workforce.”

According to hotelier Simon De Cesare, CEO of Eden Leisure Group, while proper discussion on migration and streamlined processes to curb existing abuse is needed, the migration policy leaves a lot of gaps and as originally distributed, it does not cater for the needs of the hospitality industry.

“The reality is that hotels and restaurants rely heavily on TCNs because most local and EU workers do not want to work in this industry. If the government is not going to disincentivize those industries that require mass importation of low-skilled workers, then it is highly unfair to just turn off the tap on other more vital industries such as the hospitality industry which contributes so much to the country’s economy,” he explains.

De Cesare notes that while the pegging of TCN applications to staff turnover is not necessarily problematic, it does not suit a hospitality industry which is heavily reliant on seasonal workers employed on short-term contracts.

“Including all these employees in turnover figures brings many hotels and restaurants close or over the threshold needed to apply for TCNs,” he added, noting also how doubling application fees will continue to place more burdens on the industry.

“Over these last years, we already had to suck up fees related to the BCRS and Skill Pass schemes and now, this is yet another cost the industry will need to endure.” 

De Cesare questioned why exceptions and appeals to restrictions are being done through Malta Enterprise when the hospitality industry is regulated by the MTA, the entity that understands the industry and can best determine if industry players should be sanctioned or not.

“Policies are important but the hospitality industry needs the labour force to operate and less bureaucratic processes and fees, not more.”

Article was published by Times of Malta / The Business Picture Team.

Maria Cauchi Delia, CEO at the Malta Institute of Accountants ("MIA"), will moderate a panel discussion on sustainability assurance at Sustainability LIVE Malta. Here, she outlines the concept of sustainability assurance and how this enhances credibility and trust.

What is sustainability assurance and what are its main benefits to businesses?

Sustainability assurance is an independent assessment of a company’s Environmental, Social, and Governance ("ESG") disclosures on the basis of standards established at a European and international level. This process of external assurance strengthens the credibility of the information being provided by an organisation and helps stakeholders make informed decisions on sustainability matters.

Globally, and especially among younger generations, there is increasing concern about issues like climate change, social inequality and ethical sourcing. As businesses face heightened scrutiny over their sustainability claims, independent assurance plays a key role in verifying that reported data aligns with these standards.

Sustainability assurance independently validates an organisation’s sustainability data and disclosures, enhancing credibility and trust. By ensuring reliability, and consistency, it strengthens stakeholder confidence in the organisation’s commitment to ESG while reinforcing its reputation for responsibility.

This credibility is enhanced with the consistency brought by following a pre-defined standard reporting framework, such as that of the European Sustainability Reporting Standards which is applicable for entities falling in scope of the European Union ("EU"), Corporate Sustainability Reporting Directive ("CSRD").

Is the concept of sustainability assurance gaining ground locally?

The demand for sustainability assurance is rapidly increasing, particularly within the EU, where regulatory developments are shaping how businesses disclose and verify their ESG commitments. The introduction of the CSRD has significantly influenced this shift, making assurance a legal requirement for many companies. Under the Directive, certain entities are obliged to ensure their sustainability reports are subject to limited assurance, with the possibility of stricter requirements in the future.

The CSRD has yet to be transposed in Malta, but more than a dozen large companies already fall within its scope and are preparing for its implementation. Same applies for the regulators. In parallel, auditors are investing in the necessary resources and equipping themselves to deliver sustainability assurance effectively from the word Go.

In this context, it is important to highlight that the statutory auditors handling sustainability assurance will need to be authorised to deliver these services and are therefore undergoing the necessary training to ensure high standards of professionalism, competence, and ethical conduct.

However, the road towards sustainability reporting is a very uneven one. While there has been a clear shift toward greater environmental and social responsibility, there is also increasing resistance and demand for simplification. Positions taken by the United States and far-right parties in Europe, and even recent proposals at an EU level, such as the Omnibus package, appear to dilute the momentum that was being gained in relation to the EU sustainability framework.

At this juncture, there is therefore a level of uncertainty as to what happens next. In this context, although the extent is yet to be determined, clearly, sustainability assurance plays a crucial role in ensuring businesses remain transparent, competitive, and resilient.

How does sustainability assurance tie in with ESG efforts? What are the risks of inaccurate sustainability reporting – and how does sustainability assurance mitigate such risks?

There is no doubt that the creation of established frameworks in this field will give more comfort to investors, the public and decision makers.

Organisations can benefit from all this, particularly if they can establish leadership in the ESG field. It is important to appreciate that sustainability assurance comes at the tail end of the reporting process. Companies need to build the necessary resources and ensure they have the necessary processes and procedures to collate the required data and that all the various teams from different departments are onboard and working together – this requires a company-wide strategy.

On the other hand, inaccurate sustainability reporting can mislead stakeholders, damage an organisation’s reputation, and lead to regulatory penalties or loss of investor confidence. It may also result in poor decision-making, misallocation of resources, and failure to address key environmental and social risks.

Sustainability assurance mitigates these risks by independently verifying data, in parallel reinforcing the organisation’s commitment to genuine sustainability practices.

What role does the MIA play in sustainability assurance?

The MIA has long played an active role in pushing forward the sustainability agenda at various levels. On a national scale, it has provided recommendations to authorities on implementing sustainability directives, helping also to bridge expectations between authorities and professionals. Within the accountancy community and the broader financial industry, our role is to raise awareness, educate, and support our members in preparing for evolving sustainability requirements.

We have also established dedicated working groups on sustainability, one of which focuses on sustainability assurance to assess industry needs and provide essential guidance and training. In particular, we are striving to deliver the message that sustainability is a holistic process—ultimately assurance is the final step following strategy development, implementation, and reporting. Achieving sustainability requires a firm-wide, strategic approach that reshapes operations and strengthens internal structures.

Sustainability LIVE Malta is set to take place on February 20, 2025, at the Mediterranean Conference Centre (MCC) in Valletta. For tickets and for more information click here. 

Article was published by Times of Malta / The Business Picture Team.

The Malta Institute of Accountants ("MIA") has called for a sector-specific approach in the proposed labour migration policy, highlighting the importance of recognising the needs of those sectors that offer high value-added potential to the Maltese economy.

“While it is positive that the policy addresses various areas such as retention and stability, employee rights and working conditions, we believe it falls short in several key areas that are critical for Malta's long-term success”, the MIA said.

In particular, the MIA expresses concern at various recommendations that limit the ability of the financial industry to recruit and retain the best available talent, irrespective of nationality, possibly hindering the growth and opportunities which the sector offers.

Greater flexibility is essential given the high competition for skilled professionals. This includes the policy’s lack of differentiation between low-skilled and highly qualified workers when recommending a minimum termination rate as a prerequisite for applying for TCNs. The proposed exemptions should be extended to include other sectors struggling to attract and retain talent, such as financial services and technology.

The Institute supports the introduction of Skilled Occupation Lists but cautions against restricting the hiring of third-country nationals (TCNs) based on the number of Maltese or EU nationals employed. Such limitations could hinder business growth, especially given the increasing workload and shortage of local qualified professionals.

Concern is also raised on potential bureaucratic burdens, such as the introduction of a mandatory Skills Card. The latter should be limited to front-of-house roles and not be required for back-office positions like accountants, financial controllers, or in-house lawyers.

In conclusion, the Institute calls for better alignment of the labour migration policy with other national strategies, such as education and infrastructure plans, to promote long-term development. It highlights the importance of preventing duplication and conflicting priorities while encouraging greater collaboration among stakeholders.

CEO Maria Cauchi Delia's insights on the Institute remaining a key force to the long-term success of Malta’s financial sector.

Recent years have seen the Malta Institute of Accountants (MIA) help shape the evolution of accountancy, cementing its role as a respected and trusted stakeholder representative of the profession. At its helm is CEO Maria Cauchi Delia who, throughout her tenure, has seen the Institute grow into an important partner that is actively engaged in shaping the regulatory landscape, addressing global developments that continue to impact the profession and beyond.

“Over the years, we have built a strong reputation with our stand on issues such as the fight against financial crime, the prioritisation of sustainable finance, digitalisation and upskilling, as well as transparency and ethics, which are reshaping not just our profession, but also the wider financial services industry and the broader economy,” Maria starts off.

Now, the profession is geared for a slew of new legislation and standards that are emerging at a rapid pace. The extent of implementation of the EU Sustainable Finance Framework will be a gamechanger, alongside expected developments within Malta’s corporate tax system, making the Institute’s role even more invaluable.

“All these developments undoubtedly require proactive engagement and adaptability from the profession, and the Institute operates an all-hands-on-deck approach to ensure that this happens. We have also increased our presence in international fora, giving us direct insights into upcoming changes and key developments within the accountancy profession, while exchanging views with representatives of other jurisdictions. This, in turn, allows us to brief the relevant stakeholders enhancing preparedness across the board,” the CEO explains.

The Institute is in a position to fulfil this thanks to what Maria describes as a balanced combination of long-term planning and agile responsiveness to current happenings.

“The Institute’s prominent role and respect on a national level stem from years of sustained contributions to Malta’s evolving economic and regulatory landscape. If I were to pin-point a key juncture in this development, I would say it is the instrumental role we played during Malta’s grey-listing period,” she muses.

Indeed, the Institute emerged as a proactive contributor to the work carried out by the National Coordinating Committee on Combating Money Laundering & Funding of Terrorism (NCC), which is the entity tasked with the general oversight of Anti-Money Laundering/Combating of Funding of Terrorism policy. This experience, the CEO believes, continued to reinforce the Institute’s position as a key stakeholder in shaping national policies.

“Building on this, the Institute is an active participant on the Malta Financial Services Advisory Council, contributing to the development of a forward-looking strategy for Malta’s financial sector. We constantly engage with the relevant authorities, in our role as a bridge with our membership base.”

In addition to strategic foresight, the MIA’s ability to respond swiftly to emerging developments has been equally critical. Last year alone, the Institute addressed 34 consultations issued by bodies such as the EU, the Maltese Government, and international standard-setters. These consultations, alongside other initiatives, cover areas such as changes to legislation, policies, rules and regulations, and ethical considerations.

“This agility is supported by the dedication of more than 160 volunteer members who actively contribute to 13 committees, focus groups, and 20 working groups. Their efforts have significantly bolstered the Institute’s ability to drive the growth of the profession and the wider industry,” Maria elaborates.

And of course, there’s also the regular order of events hosted by the Institute, with the Biennial Conference taking place later this year, other flagship annual conferences, CPE events, and networking events.

The past year has seen the Institute focusing on three interconnected challenges that are redefining the local business environment: enabling sustainability, harnessing technological advancements, and enhancing competitiveness. Rather than peripheral concerns, Maria and her team approach these as fundamental shifts that influence how organisations operate and succeed in today’s economy.

“Sustainability is driving businesses to adapt to new regulations, consumer expectations, and societal demands. The Institute has embraced this by equipping its members with the skills and knowledge to lead in this area, recognising the pivotal role accountants play in advancing sustainable practices,” she states.

Meanwhile, technological transformation continues to reshape the industry, introducing both challenges and opportunities. From integrating digital finance to understanding blockchain and AI, the profession is in a constant state of change, as technology develops at an unprecedented pace. Thus, one of the priorities identified by the Institute for 2025 is to prepare its members to adapt and thrive, ensuring they remain at the forefront of innovation.

Other priorities centre around enhancing competitiveness – a concept that’s at the core of all the Institute’s proposals – while ensuring that the talent pool continues to grow alongside the demands of the market.

“There’s a need for continued investment in the next generation of accountants to ensure the profession remains dynamic, diverse, and ready for the future. Through the #AccountsForYou campaign, the MIA is working to inspire new students to pursue accountancy, while ensuring those already enrolled remain engaged. Yet, this is not enough to cope with demand – strategic decisions at a national level are required, and the Institute is actively contributing to the debate on labour migration and is preparing its feedback to recently launched proposals on the matter,” Maria emphasises.

We are committed to preparing the next generation of accountants with the skills to thrive in an era defined by technology and heightened scrutiny on transparency and sustainability. Ultimately, the Institute’s role is about leadership – whether it’s advocating for sound policies, providing world-class training, or equipping our members to lead their organisations towards growth,” the CEO concludes.

This interview forms part of the Companies to Watch in 2025, a business serialisation of BusinessNow.mt, Malta’s fastest-growing, cutting-edge business news portal, aimed at companies achieving their goals, marking important milestones, or planning to announce major business news.

The Malta Institute of Accountants (MIA), in collaboration with the Financial Intelligence Analysis Unit (FIAU), is set to host the much anticipated ‘Maintaining a Robust AML Ecosystem’ Conference on 13th February 2025. This full-day event will take place at the Radisson Blu Resort, St. Julian’s, and is designed to address critical topics in the anti-money laundering (AML) sphere.

Subject persons need to ensure compliance with the applicable regulatory framework. This Conference will provide a platform for accountants, auditors and other professionals to strengthen their AML expertise.

A Comprehensive Agenda for Maximum Impact

The carefully curated agenda is tailored to offer practical insights and actionable takeaways. Attendees will benefit from a series of topical discussions together with opportunities to ask questions and exchange ideas with fellow professionals.

Esteemed Speakers and Expert Panels

This event will feature a distinguished lineup of speakers, including representatives from the MIA AML Committee, FIAU, the Malta Financial Services Authority, the Malta Business Registry, the National Coordinating Committee on Combating Money Laundering and Funding of Terrorism and the European Commission. They will bring a wealth of knowledge and experience to the table, providing attendees with invaluable insights into the latest regulatory developments and trends.

Panel discussions will facilitate deeper engagement on critical topics, ensuring participants leave with a better understanding of a number of aspects of the respective AML obligations.

Earn CPE Hours While Enhancing Expertise

Attendees of the ‘Maintaining a Robust AML Ecosystem’ Conference will earn 6.5 Core Continuous Professional Education (CPE) hours, a valuable addition for professionals committed to professional development. The event represents a unique opportunity to combine professional growth with essential knowledge-sharing in the AML field.

Secure Your Place Today

Whether you are an accountant, an auditor, a professional involved or aspiring to be involved in compliance or anti money laundering, or interested in obtaining relevant knowledge on topical subjects in the field of AML, this Conference is a must-attend event for staying at the forefront in AML practices.

For full agenda and registration details, visit the official event page at https://bit.ly/4heKEme

The Minister for Finance Hon. Clyde Caruana yesterday presented the 2025 Malta Budget. 

Below please find a link to reports issued earlier today by some of the Institute’s Member Firms and Firms whose application to become a Member Firm is currently being processed by MIA:

• Deloitte
• PwC
• Forvis Mazars
• KPMG
• Tri-Mer
• EY
• CLA Malta

Throughout the year, the Malta Institute of Accountants has been heavily involved in a number of key projects and initiatives covering various policy areas that are changing the landscape within which businesses operate, hence having an impact on the Maltese economy and its attractiveness. These include the audit exemption for certain eligible entities, the necessary changes to the Companies Act, the transposition of the Corporate Sustainability Reporting Directive and the lack of resources. 

The Institute sought to identify fiscal measures that support these policy areas as well as the need to ensure that Malta remains an attractive jurisdiction and facilitates the ease of doing business, while also ensuring adherence to the applicable regulatory framework. In fact, the focus of the budget proposals for 2025, which were prepared following the necessary consultation with the Institute’s Committees and Groups, is more on the direct and indirect taxation measures that are necessary to address matters such as the need to simplify business processes and align requirements to enhance efficiency and effectiveness, while reducing inconsistencies that might have a counter effect on other efforts, such as increased compliance. The Institute also proposed fiscal measures to continue promoting initiatives related to environmental, social and governance matters in Malta.

The budget proposals of the Malta Institute of Accountants were presented to the Hon. Minister of Finance Clyde Caruana on Friday, 27^th September 2024.

The Malta Institute of Accountants (MIA) held its 60^th Annual General Meeting on 26^th  September 2024 at Villa Arrigo. During this meeting, seven of its members were elected to the MIA Council.

Fabio Axisa, David Delicata, Jonathan Dingli, Shawn Falzon, Christopher Portelli and Annabelle Zammit Pace, were re-elected on the Institute’s Council, while Norbert Tabone was elected for the first time. They join Edmond Brincat, Mark Anthony Bugeja, Thomas Galea, Paul Giglio, Ronald Mizzi, Lucienne Pace Ross and William Spiteri Bailey.

Opening the AGM, MIA President Mark Anthony Bugeja shared an extensive run-through of the Institute’s activity, highlighting sustainability, digitalisation, education and the fight against money-laundering as pivotal aspects of the MIA’s ongoing efforts to support the profession and the wider economy.

Mr Bugeja emphasised the crucial role accountants play in upholding trust and integrity in a rapidly changing global business environment. “Over these six decades, the world has undergone tremendous change, with advancements in technology, globalisation and a completely transformed business landscape. Yet, amidst this rapid evolution, accountants continue to represent trust and integrity, adapting their expertise to meet modern challenges while ensuring transparency, compliance, and sound decision-making - cornerstones that are just as vital today as they were 60 years ago”, he said.

He also highlighted the MIA's active role as a voice for the profession, responding to 34 consultations over the past year alone. These consultations involved legislative and regulatory frameworks impacting the profession, both locally and internationally. Feedback was provided on critical areas such as taxation, auditing standards and in the field of sustainability. The President acknowledged the work being carried out by MIA's 13 Committees and Groups, composed of over 160 members, who contributed over 137 hours of voluntary input to ensure that the profession’s interests are well-represented.

In details presented during the AGM, it was highlighted how the Institute delivered accredited training by organising 6 conferences addressing the specific needs of the different cohorts of the MIA members and through 126 online Continuing Professional Education events, ensuring members are equipped to meet the evolving demands of the profession. Additionally, through its #AccountsForYou educational campaign, the MIA engaged with over 1,500 students, fostering the next generation of accounting professionals through visits to schools as well as firms.

Members also cast their votes on a series of motions aimed at enhancing the Institute’s operational structure and governance.

During the first meeting of the new Council held shortly after the AGM, the four Officers of the Council were re-confirmed in their respective positions - Mark Anthony Bugeja as President, Lucienne Pace Ross as Vice-President, Jonathan Dingli as Secretary and Annabelle Zammit Pace as Treasurer.