Malta Business Review NEWSMAKERS Minister Scicluna reaffirms the Ministry’s commitments to combat money laundering An awareness seminar for voluntary organisations was held at the Aula Magna, University of Malta. The seminar was organised by the National Coordinating Committee for Anti-Money Laundering and Financing of Terrorism with the full support of the Ministry of Finance and the Office of the Commissioner of Voluntary Organisations. When add<strong>res</strong>sing officials of voluntary organisations, Minister Edward Scicluna emphasised that the government is determined in its fight against money laundering and the financing of terrorism. In his speech, Minister Scicluna referred to the newly established antimoney laundering and anti-terrorism financing mechanism, which has been set up and has been operating since April 2018. The setting up of the National Coordinating Committee is just one of the initiatives being taken by the Government to ensure the security of the local economy. The Minister referred to the National Risk Assessment which was completed first in 2015 and was updated in 2017. This National Risk Assessment identified and assessed the threats and vulnerabilities related to issues of money laundering and terrorism financing. This assessment formed the basis of Malta’s Anti- Money-Laundering and Combating of Terrorism Strategy which embraces a comprehensive list of actions to enhance the national antimoney laundering and the combat of terrorism framework which the government is taking to add<strong>res</strong>s risks. In this national strategy the National Coordinating Committee is identified as being the mechanism <strong>res</strong>ponsible for defining the overall strategy and overseeing the implementation of the actions listed in the strategy. Minister Scicluna st<strong>res</strong>sed that the aim of the National Coordinating Committee is to not only define an overall anti-money laundering and combat of financing of terrorism plan of action and for overseeing the implementation of this same strategy but to reach out to the various stakeholders for an effective coordinated setup in the national combat against money laundering and terrorism financing. This newly established mechanism is also an invaluable tool in helping prepare for and coordinate for international evaluations such as FSAP which have just finished their evaluation and MONEYVAL which will be making their next evaluation in November. <strong>MBR</strong> Creditline: Ministry of Finance and the Office of the Commissioner of Voluntary Organisations. Parliamentary Secretary Silvio Schembri launches a Diploma in Cryptocurrency by Centrecom “Centrecom efforts and financial investments amounting to €5m in order to support DLT technology will serve as a model for other companies” – Silvio Schembri Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri visited Centrecom, a private company focusing on customer services which during the past few months invested heavily in the latest technology in order to proceed with its operations effectively for the benefit of customers. “Centrecom efforts in adapting to DLT technology will serve 58 Minister Scicluna during seminar for voluntary organisations Photoo: DOI - Clodagh Farrugia O'Neill as a model for other companies still yet to discover the opportunities this industry holds and the benefits for day to day operations. Besides, what is remarkable is the investment in human <strong>res</strong>ources and the strengthening of its workforce’s skills”, said Schembri. He commended Centrecom’s initiative with regard to the sponsorship programme being offered for its Training Department to fulfil a Diploma in Cryptocurrencies. “In view of having world leading companies in blockchain and the crypto sphere that are choosing Malta as their home, it is crucial to train our human <strong>res</strong>ources and familiarise them with this sector” stated the Parliamentary Secretary. Robert Spiteri, General Manager for Centrecom, explained how the company is working to grow its business and embrace the changes that are coming along with the emergence of the new blockchain and cryptocurrency industries. In fact, in a short span of time since the inauguration of the new premises in June 2018, Centrecom invested around €5 million in an effort to embrace new technology. Centrecom announced its investment of €3 million for new offices which can cater for 450+ desks in order to offer a variety of services such as customer support, amongst others. It was explained that embracing the changes that are coming along with the emergence of blockchain and cryptocurriencies meant an investment of €1.4 million to have a robust technology in place as well as investment in training the employees. “I thank the administration of the company for their efforts and for being part of the DELTA Summit between the 3rd and 5th of October, the Maltese Government’s official blockchain and innovation event”, said Silvio Schembri. <strong>MBR</strong> Scource: THE PARLIAMENTARY SECRETARIAT FOR Financial Services, Digital Economy and Innovation The Malta Gaming Authority will be launching its sandbox for Distributed Ledger Technology during Delta Summit During the Delta Summit, the Malta Gaming Authority will be launching its sandbox for Distributed Ledger Technology (DLT). This was announced by Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri while add<strong>res</strong>sing the third edition of iGaming idol—an event which has become a staple in the calendar of iGaming events rewarding excellence within the Creditline: The Malta Gaming Authority different iGaming sphe<strong>res</strong>. Silvio Schembri said that the MGA’s launch of the sandbox comes after the publishing of a consultation document in March which started discussions amongst stakeholders for the introduction of DLT and virtual currencies. “The Authority is keen to embrace the technology and is not shying away from understanding the rise of DLT Technology with an aim to boost economic innovation, all this within a regulated environment”, said Silvio Schembri. Sandbox is a space in which this technology can operate securely in a <strong>res</strong>tricted environment. During the ceremony, Silvio Schembri p<strong>res</strong>ented the Hall of Fame award for the first time, which this year was awarded to George DeBrincat for his proactivity in the industry since its inception. This means that the third edition of iGaming idol awarded 22 individuals for their outstanding contribution towards the iGaming industry in the home of gaming excellence. <strong>MBR</strong> Creditline: The Malta Gaming Authority Standard and Poor’s affirms Malta’s A-/A-2' ratings with a positive outlook The Ministry for Finance welcomes the latest credit rating report by Standard and Poor’s which affirms Malta’s A-/A-2' ratings with a positive outlook. Standard and Poor’s acknowledges that in recent years, the Government has consolidated government finances, reduced general government debt relative to GDP, and undertaken several structural reforms, notably those that have increased female participation in the labour market and reduced the country’s energy bill. Indeed, the report states that the positive rating reflects Malta’s strong growth performance, the recurring current account surpluses driven by Malta’s large services exports, and the improving general government budgetary position and fiscal management. Standard and Poor’s notes that significant investments in energy and logistics were important contributors to growth in 2014 to 2016, while growth in the exports of services such as tourism, logistics, and e-gaming are expected to continue fuel growth in the coming years. In 2019, it expects growth to moderate but to exceed that of peers at similar income levels and stages of development. The report notes that the implementation of recommendations from spending reviews, the fast pace of growth of new economic sectors, and increases in government revenues have al<strong>low</strong>ed the consolidation of public finances. It further projects that, with recurrent fiscal surpluses, the debt-to-GDP ratio will decline to under 40 per cent in 2021 from a projected 47 per cent in 2018. On the banking sector, the report notes that the domestic banks are highly liquid and possess a <strong>low</strong> loan-todeposit ratio. Standard and Poor’s acknowledges that macroeconomic policymaking will remain geared toward further fiscal consolidation. Indeed, it notes that efforts to further reform stateowned enterprises, reduce skill mismatches, and improve the long-term sustainability of public finances will be implemented gradually, alongside increased public investment to plug infrastructure gaps. Minister for Finance Edward Scicluna comments: “I am pleased to note that Standard is attributing Malta’s exceptional economic performance to the Government’s economic, fiscal, and social policies and the undertaking of reforms. The Government intends to continue along this successful path as promised in its electoral programme”. <strong>MBR</strong> Credit: Ministry for Finance Photo Credit: MFIN
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