Our Articles

Forvis Mazars’ roots in Malta go back to 1998, when Paul Giglio and Anthony Attard started a small firm known as Attard Giglio & Co.

The Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) and the Implementing Procedures (IPs) emphasize the importance of monitoring the AML/CFT control framework on an ongoing basis, either through an independent audit function, or by engaging an independent consultant or an internal party who is independent from the operations. This article discusses how such reviews should not only focus on the fulfilment of compliance requirements, but also on identifying control failures.

"Over the years we have seen a radical change in the job market". Paul discusses the firm’s employer branding proposition, and how this is delivering the desired results, especially when it comes to bringing on board young talent at the firm.

In carrying out their due diligence obligations, subject persons are continuously faced with the obligation to identify and verify the ultimate beneficial owner/s of their customer.

The Tax Credit (Persons Returning to Employment) Rules offer tax incentives designed to encourage people, especially women and long‑absent workers, to re‑enter the labour market.

External threats are escalating, with fraudsters leveraging advanced technology

Exempt supplies of betting, lotteries and other forms of gambling

Money launderers are always finding creative ways to launder proceeds of crime without being exposed.

This article highlights the important components of a subject person’s Anti-Money Laundering (AML) regime and the risk-based approach required to fulfil the regulatory requirements that are outlined in the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR), and the implementing procedures of the Financial Intelligence Analysis Unit (FIAU).

While traditionally subject persons have focused their efforts on the identification and verification of the customer and the underlying beneficial owner/s, less importance has been placed on understanding the Money Laundering and Financing of Terrorism (ML/FT) risk relating to the customer’s business activity, the source of wealth and the source of funds.