The Ministry of Foreign and European Affairs of Malta proudly presents The Malta Workshops, a series of virtual workshops exploring the particularities of small international financial centres, the associated challenges they face in keeping financial flows transparent, and areas where increased cooperation would bring about tangible results on the world stage.

The virtual workshops are directed at officials from small international financial centres, as well as regulators and law enforcement officers engaged in anti-money laundering and combating the financing of terrorism (AML/CFT) within pertinent regional and international organizations. The workshops will provide an interesting range of issues that are at the centre of small international financial centres’ risk exposure and policy efforts in the area of AML/CFT. The workshops will comprise presentations by a panel of distinguished speakers, as well as open debates and question-and-answer slots.

Investment migration of high-net-worth individuals entails tailored programmes for either residency or full citizenship being granted to high-net-worth individuals in exchange for a premium fee coupled with long-term investments in a country’s financial or non-financial markets. Such programmes nevertheless entail a range of risks.  For the countries offering them, these programmes may impact on compliance with the international AML/CFT standards against which countries are regularly assessed.

This workshop will highlight the inherent risks and will explore what avenues for cooperation may be warranted, such as the development of a risk assessment mechanism and of minimum standards associated with such programmes as well as the effective exchange of information for the avoidance of forum shopping.

 

 

Small international financial centres increasingly attract international trade by offering unbureaucratic and low-cost vessels, aircraft or company registration frameworks. While these business concepts generate valuable income for the offering jurisdiction they oftentimes also give rise to concerns as to the type of business that may be attracted, the transparency of the ownership and control structure of businesses or vessels, and the integrity of the commodity shipments, transactions, or business deals facilitated. International sanction-evasion typologies frequently involve these same type of business concepts.

This workshop will examine the ways by which the interest of attracting lucrative business on the one hand can be balanced with the need of preventing sanctions evasion. Best practices and possible avenues for cooperation will be explored.

The panel for this workshop shall include the following distinguished guests:

 

Trust and company service providers (TCSPs) operate in most countries. Oftentimes, in small financial centres, these are used by foreign financial institutions, lawyers, accountants or other professions as a way to incorporate companies through which funds are channelled without the assets necessarily being deposited in that same jurisdiction. In many cases, the involvement of TCSPs is limited to providing economic services relating to the creation of the legal entity, or cost-efficient ancillary services. The monitoring and ongoing due diligence aspects can in practice be difficult if not impossible to implement, exposing small international financial centres to increased reputational risk.

 

The particularities of the TCSP sector, the associated risks, and various case studies will be explored during this workshop. Different approaches to reducing the disconnect between TCSPs and the activities of the companies they have a mandate for shall be discussed.

 

The panel for this workshop shall include the following distinguished guests:

 

By their very nature, small international financial centres are more heavily exposed to foreign criminality, either in the form of goods, valuables or other tangible property, or in form of funds or financial assets by way of transactions or investments. Criminal investigations and prosecutions typically relate to highly complex, sophisticated and trans-national schemes involving many different countries, instruments, and actors whether they be suspects, facilitators or unknowing participants. Such need for international cooperation however is a burdensome and time-consuming process that requires a substantial and dedicated effort to achieve results.

This workshop will focus on the obstacles that law enforcement and prosecution authorities regularly face, and the means by which such obstacles can be minimized and overcome, including through the strengthening of informal assistance mechanisms and channels amongst small international financial centres.

The panel for this workshop shall include the following distinguished guests, among others:

Revenue-generating mechanisms created through legal frameworks provide for the licensing of online gaming, virtual assets service and other financial service virtual platforms with oftentimes minimal physical presence requirements being imposed on the licensees.

This workshop shall discuss the risks involved with such business concepts as well as best practices in terms of physical presence requirements and the challenges associated with the AML/CFT supervision of virtual service providers of any type. Supervisory practices that help reduce the risks will be presented and discussed.

The panel for this workshop shall include the following distinguished guests: