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https://www.um.edu.mt/library/oar/handle/123456789/124929
Title: | Company service providers : gatekeepers to Malta’s financial system |
Authors: | Buttigieg, Christopher P. Cortis, Alison |
Keywords: | Financial services industry -- Law and legislation -- Malta Money laundering -- Prevention -- Malta Commercial crimes -- Malta Terrorism -- Finance -- Law and legislation -- Malta |
Issue Date: | 2024 |
Publisher: | The Malta Institute of Accountants |
Citation: | Buttigieg, C. P., & Cortis, A. (2024). Company service providers : gatekeepers to Malta’s financial system. The Accountant, 2024(2), 16-20. |
Abstract: | Company Service Providers (CSPs) are particularly
vulnerable to money laundering and terrorist
financing risks due to their role in forming companies
and other legal entities. Nonetheless, they are
essential gatekeepers to Malta’s financial system,
often serving as the first point of contact for
individuals and entities looking to invest in Malta.
In this regard, CSPs play a crucial role in preventing
criminals from using legal entities to obfuscate
the ownership of illicit assets. The Malta Financial
Services Authority (hereinafter referred to as MFSA
or the Authority) recently published “The Nature and
Art of Financial Supervision Volume X – Company
Service Providers Reform” which outlines the reforms
implemented in the CSP sector. This document
elaborates on the expectations of the MFSA for
current and prospective CSPs. The purpose of this article is to briefly examine the MFSA’s CSP reform, highlighting its objectives, implementation, and the positive outcomes for Malta’s financial sector. The central argument of the article is that the comprehensive reform of the CSP sector by the MFSA has significantly strengthened Malta’s financial system by enhancing regulatory oversight, ensuring compliance with international standards, and fostering a risk-based and proportionate regulatory framework. The CSP reform not only ensures that CSPs adhere to fit and proper standards, good business practices, and legal and AML/CFT requirements, but also categorises CSPs according to the nature and complexity of their services. As a result, the reform has effectively reduced the sector’s risk profile and contributed to a more robust, transparent, and resilient financial environment in Malta. |
URI: | https://www.um.edu.mt/library/oar/handle/123456789/124929 |
Appears in Collections: | Scholarly Works - FacEMABF |
Files in This Item:
File | Description | Size | Format | |
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Company_service_providers_gatekeepers_to_Maltas_financial_system_2024.pdf | 407.98 kB | Adobe PDF | View/Open |
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