MFSA organising a Webinar on Money Laundering Risks Associated with Trustees and Company Service Providers

Christopher P. Buttigieg

Last Updated on Thursday, 3 September, 2020 at 1:16 pm by Andre Camilleri

As part of the Malta Financial Services Authority’s commitment to assist in preventing and identifying the risks faced by licensed entities, particularly those operating in areas which are deemed to be more susceptible to Money Laundering and Terrorism Financing Risks such as Trustees and Company Service Providers, on the 10 September, the MFSA is organising an outreach webinar to raise awareness in relation to risky business models and highlight the red flags in the areas which such service providers operate.

Financial crimes threaten the safety of our society, the integrity of our financial system, the stability of our economy Therefore, the fight against money laundering and terrorism financing is critical to ensuring Malta’s security and prosperity. The results of the National Risk Assessment as well as the Sectoral Risk Assessment relating to Legal Persons and Legal Arrangements contribute to the efforts of the various competent authorities in targeting their efforts and resources where the threats and risks are higher.

The webinar will be led by MFSA’s Chief Officer Supervision, Christopher P. Buttigieg and the MFSA Head of Conduct Supervision, Emily Benson. Petra Camilleri, Senior Manager and Alison Cortis, Senior Technical Expert at the MFSA, will give some practical examples and red flags from the Trustee & CSP Sector, outlining the Regulator’s expectations.

Guest speakers include representatives from the National Coordination Committee, the Financial Intelligence Analysis Unit and the Malta Business Registry.

Helga Buttigieg Debono – Head, National Coordination Committee on AML will discuss the Sectoral Risk Assessment of legal entities and legal entities whilst Clara Borg Bonaci and Carmela Loredana Umbro from the FIAU will address what can be done to mitigate Money Laundering risks applicable to Trustees and CSPs.

Joseph Farrugia, Registrar at the MBR, will introduce the role of the MBR vis-à-vis the interaction with Trustees and CSPs.  This will be followed by Geraldine Spiteri Lucas,  Chief Legal Officer, MBR who will provide an overview of the legislative developments impacting Trustees and CSPs and Andrew Schembri, Head of Compliance Unit, MBR, who will outline the process relating to the onsite inspections being carried out on companies as well as the MBR’s expectations from Trustees and CSPs.

The webinar of the 10 September will take place between  9am and 1pm and interested parties can register on the MFSA website. Registrations are open until 4 September.  

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