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Publication of FIAU Interpretative Note for Lawyers Winding Up and Insolvency

Publication of FIAU Interpretative Note for Lawyers

On 26 August 2020, the Malta Financial Intelligence Analysis Unit (FIAU) published its 'Interpretative Note: Relevant Activity for Lawyers' (the Interpretative Note) designed to guide legal professionals in determining the conditions under which a 'relevant activity' in terms of Malta's AML/CFT legislative framework may arise. Being able to ascertain these conditions is of paramount importance, given that obligations under the applicable AML legislation will only apply where a legal professional carries out a relevant activity. When the activity in question falls outside the statutory definition of relevant activity, the legal professional carrying out such activity would not be considered a…
Simon Pullicino
29th August 2020
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EBA backs EU Commission’s Efforts to Strengthen AML/CFT Framework. Banking & Finance

EBA backs EU Commission’s Efforts to Strengthen AML/CFT Framework.

On 19 August, 2020 the EBA published its response to the European Commission's Action Plan for a comprehensive Union policy on preventing money laundering and terrorism financing (ML/FT), largely throwing its support behind the Commission's Action Plan. In its response, the EBA has provided technical input designed to better guide the Commission in its implementation of the Action Plan. In the EBA's view, a comprehensive assessment of the current EU AML/CFT framework is necessary to ensure that the EU and the Member States are well-equipped with an effective set of tools in its AML/CFT arsenal. In endorsing the Action Plan,…
Simon Pullicino
24th August 2020
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Registrar for Companies Assumes the Function of Registrar for Legal Persons Trusts, Foundations and Wealth Management

Registrar for Companies Assumes the Function of Registrar for Legal Persons

The President, by and with the advice and consent of the House of Representatives, has enacted Act No. XLVII of 2020 to amend the Second Schedule to the Civil Code, Chapter 16 of the Laws of Malta (the "Second Schedule"), and the Companies Act, Chapter 386 of the Laws of Malta, and to provide for related and ancillary provisions.The function of the Registrar for Legal Persons has now been assumed by the Registrar for Companies of the Malta Business Registry. The Registrar for Legal Persons previously fell under the purview of the Public Registry within Identity Malta. Any reference to…
Joshua Chircop
18th August 2020
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Circular Economy: Beverage Containers Recycling Regulations in Force Planning & Environment

Circular Economy: Beverage Containers Recycling Regulations in Force

This article was written by Dr Michael Psaila and Dr Laura SpiteriOn 31 July 2020, the Beverage Containers Recycling Regulations (Legal Notice 311 of 2020 and hereinafter referred to as the 'Regulations') came into force. The aim of these Regulations is to further the circular economy by establishing a Beverage Container Refund Scheme (the 'Scheme') to enhance the collection and recycling of beverage containers and reduce littering.These Regulations implement the provisions of Directive 94/62 on packaging and packaging waste and form part of the Maltese Government's Single-Use Plastics Products Strategy for Malta 2020-2030. An operator licensed by the Resource, Recovery…
Laura Spiteri
4th August 2020
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Constitutional Court Increases Damages Due to Landlords of Sliema Property Because of Prejudicial Rent Laws Litigation & Dispute Resolution

Constitutional Court Increases Damages Due to Landlords of Sliema Property Because of Prejudicial Rent Laws

This article was written by Michael E. Camilleri & Ilenia AgiusIn a judgment delivered on 20th July 2020, the Constitutional Court ordered the State Advocate to pay €250,000 in damages, including moral damages, to the landlords of a property in The Strand, Sliema. The property in question was initially acquired in 1919 by title of temporary emphyteusis which is to expire in 2028. In 1976 the emphyteuta leased the property at an annual rent of Lm4,000 subject to an increase of 5% every five years. The parties had also agreed to enter into a new lease agreement after the lapse of fifteen…
Michael E. Camilleri
31st July 2020
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The EU-US Privacy Shield is No More Telecoms, Media & Technology

The EU-US Privacy Shield is No More

This article was written by Dr. Warren Ciantar and Dr. Claude Micallef-Grimaud.On Thursday 16th July 2020, the Court of Justice of the European Union ('CJEU') ruled that the 'Privacy Shield' agreement allowing for the transfer of personal data between the European Union and the United States of America does not provide sufficient protection from US surveillance to EU citizens.To fully appreciate the context and ramifications of this decision, one must go back to 2013, when a young Austrian privacy activist by the name of Max Schrems raised a complaint against Facebook with the Irish Data Protection Commissioner. The complaint centered around…
Warren Ciantar
23rd July 2020