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  • 15 Jan 2021 14:15 | Anonymous
    The Malta Financial Services Authority (“MFSA”) has become aware of an entity operating under the name of Betal Trade FX which has an internet presence at www.betaltrade.com. The entity claims to have “a category 3 licence by the Malta Financial Services Authority in terms of which it is authorised to provide investment services from Malta”.
    This website is also making unauthorised use and reference to the registered address and other company details of a Maltese licensed company.
    The MFSA wishes to alert the public, in Malta and abroad, that Betal Trade FX is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any financial services which are required to be licensed or otherwise authorised under Maltese law. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.
    The MFSA would like to remind consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator.
    Investors are advised to be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.
    A list of entities licensed by the MFSA can be viewed on the official website of the MFSA at https://www.mfsa.mt/financial-services-register/.
    If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, first of all stop all transactions with the company and contact the MFSA at https://www.mfsa.mt/about-us/contact/ as soon as a suspicion arises.
  • 12 Jan 2021 13:40 | Anonymous
    In March of 2019, the European Parliament and Council, enacted Regulation (EU) 2019/452, which established a framework for the screening of foreign direct investments into the Union. The regulation, which entered into force in April of the same year, applies to transactions taking place post-October 2020, onwards.
    The FDI Regulation represents a crucial shift, for the EU, as for the very first time, screening of foreign direct investments is being regulated at European Union level. In fact, this development has the potential to significantly impact those investors from third countries that consider investing in the EU. More importantly, it can also be of relevance to the interests of EU investors.
    As the FDI regulation does not impose a strict regime for EU-wide FDI screening, the final decision on FDI screening rests with the EU Member States, which remain sovereign in this crucial area. The focus of the regulation is more on the principles of coordination and cooperation between Member States.
    “This is a great step in the right direction, which will certainly contribute towards an increasingly harmonised and robust screening of FDI in the EU” said Mr Mario Galea, Chair of the newly established offices for National Foreign Direct Investment Screening (NFDIS) in Malta.
    Locally, the office has been set up in order to implement this regulation, with the ultimate aim being the protection of European Union intelligence, knowledge, and technology, as well as its security interests.
    The sectors which shall be subject to screening are varied and include infrastructure, energy, transport, water, health, and communications among others. A full list can be accessed on the NFDIS website.
    All interested practitioners, including audit, legal firms, business consultants and all practitioners who are in any way involved in the promotion of foreign direct investment, are therefore encouraged to get in touch with the NFDIS Office, and get updated on the new procedures governing the registration of new investment in Malta.
    Practitioners will be informed how they will be required to submit all relevant applications for such purpose with the Office, prior to relevant submission with the MBR. The applications will require determinate information, relating to the investment and ownership structure, including information on the ultimate investor and beneficial.
    In case of doubt, the service provider may seek an initial opinion from the Office which will give the necessary guidance as may be required in the case in question.
    The Office wishes to reassure practitioners that it is not its intention to create any unnecessary bureaucracy. In fact, in those cases where it is clear that the activities do not require screening, the Office will seek to provide its green-light within 24 hours.
    In the cases where screening will be required, this will be undertaken with full due diligence on the activity and on the ultimate beneficial owner. This process will take some time to conclude, although the Office will endeavour to conclude the process in the shortest time possible whilst not compromising, in any way, the extent and quality of the screening to be conducted.
  • 11 Jan 2021 10:34 | Anonymous
    The FIAU introduced a new list of indicators from January 1, 2021, to better capture similar characteristics from reports in a more granular manner, to improve data collection and the capacity of typology identification.
    Thus, the reporting entities are kindly asked, with the aid of indicators, to capture all elements that can briefly summarise the main points of the suspicious transaction or situation being reported.
    Such indicators include, but are not necessarily limited to the following:
    i) the reason for suspicion;
    ii) the predicate offence;
    iii) the product offered to/used by the client in that situation;
    iv) the main funding methods;
    v) issues with the CDD process;
    vi) whether the client was rejected for ML/FT concerns;
    vii) if emerging threats/trends/patterns are observed;
    viii) any involvement of high risk clients/jurisdictions etc.
    Further to the additional indicators that have been added to the previously known list, we removed the following 8 indicators; as more detailed options were included instead.
    Moreover, amount ranges have been replaced with the specific amounts reported in the suspicious transactions reports.


    For those entities that use XML reporting, kindly consult the list of indicators on the updated XML schema technical documentation published on our website.
    Kindly note that you are required to use the latest XML schema, otherwise reports submitted might fail validation.
    XML Schema
  • 8 Jan 2021 10:22 | Anonymous
    Reference is made to the Transitory Period allowed in terms of Article 62 of the Virtual Financial Assets (“VFA”) Act (“the Act”), which came to an end on 31 October 2019, wherein entities were allowed to provide VFA services. Following the expiry of the transitory period, entities operating under the transitory provisions had the below options:
    1. If they wished to continue providing VFA services, they were required to submit to the Malta Financial Services Authority (“MFSA”) a Letter of Intent to initiate the application process for a VFA Services Licence; or
    2. If they did not want to continue providing VFA services, they were required to submit a cessation of activities notification to the MFSA in terms of Section 3 of the Circular to Virtual Financial Asset Service Providers.
    Following the expiry of the transitory period, the MFSA is aware of a number of entities which have availed themselves of the transitory provisions, thus were providing VFA services, but have failed to submit either the Letter of Intent to initiate the application process for a VFA Services Licence or a cessation of activities notification.
    The Authority would like to inform the public in Malta and abroad, that the entities listed below are NOT licensed NOR authorised by the MFSA to provide any VFA services or other financial services nor have they initiated the application process to obtain a VFA services licence:
    A Bit More Limited
    Babylon Services Limited             
    Basetrade Limited
    Bayleaf Limited 
    Billions X Trading Limited
    BitRoyal Limited
    Bitstraq Exchange Limited           
    Botwallet Limited
    BKX Exchange Limited    
    BKX Vault Limited
    Blockchain Exchange Limited      
    BTSE Limited                     
    Cbanx Limited
    Chain Partners (Malta) Co. Ltd.  
    Coin Temple Trading Limited      
    Consensus Technology Malta Limited     
    Crypto2Finance Ltd        
    DAX Malta Ltd   
    DES CT Exchange Limited
    Digital Terminal Limited
    DQR-OTC Limited            
    DQR-X Limited  
    Etelaranta (Malta) Limited           
    Eunex M Ltd.     
    Exscudo OU       
    Foresight Technology Limited
    GL4 Financial Technologies Limited         
    Graviex Limited W
    GSOC Limited
    HPX Limited
    Hybrid Trade Limited
    Hyperwallet Limited
    Jikji Capital Limited
    Krypital Group (Malta) Limited
    Kyon Limited
    Laser Capital Limited
    Mandala Exchange Limited
    Manticore Ventures Limited
    Muse Service Limited
    Odin Capital Limited
    OK.NET Limited
    OneZero Binary Limited
    OTC Desk Limited
    Palladium Exchange
    SP Outsourcing Sp. Z o. o.
    S-Project
    SRG Crypto Exchange Limited
    Thex Trade Company Ltd
    TimeX Limited
    Trendntrade TNT Limited
    Tsalgood Limited
    VBX Limited
    Venture Miles (Malta) Limited
    WeX Blockchain Limited
    Won Limited
    Zipmex Global Pte. Ltd.
  • 5 Jan 2021 09:31 | Anonymous
    The Commissioner for Revenue (‘CfR’) has notified the publication of the Guidelines on the Mandatory Automatic Exchange of Information in relation to Cross-Border Arrangements (‘Guidelines’). The Guidelines are issued in terms of Article 96(2) of the Income Tax Act (Chapter 123 of the Laws of Malta) and are to be read in conjunction with the Cooperation with Other Jurisdictions on Tax Matters Regulations (Subsidiary Legislation 123.127). Upon any review, the revised version of the Guidelines will also be published on the CfR website. Please click here to access the Guidelines.
    The objective of DAC6 is to provide Member States’ tax authorities with additional information in order to assist them to ensure compliance with tax legislation and the eradication of harmful tax practices. Taxpayers and intermediaries entering into or advising on cross border arrangements involving EU jurisdictions must monitor where reporting is required and disclose accordingly. DAC6 was transposed into Maltese law by Legal Notice 342 of 2019 but the first DAC6 reporting deadlines were extended due to the COVID-19 pandemic by six months by virtue of Legal Notice 315 of 2020.
  • 5 Jan 2021 09:30 | Anonymous
    It has been brought to our attention by the Malta Foreign Direct Investment Screening Office that, as from the 11th January 2021, the MBR will not be forwarding to the said before Office the M&As of companies any longer. It will then be up to the Investors/Directors/CSP to inform the said Office when screening is required. Also, please take note of the attached circular received from the NFDISO.
  • 17 Dec 2020 09:06 | Anonymous
    The FIAU has published sector-specific Implementing Procedures applicable to Company Service Providers (CSPs). These Implementing Procedures provide binding guidance on the application of the customer due diligence obligations arising from the Prevention of Money Laundering and Funding of Terrorism Regulations. All persons and entities providing such services are expected to read this document, together with the Implementing Procedures Part I, in order to understand what is expected of them.
    Implementing Procedures Part II for CSPs
  • 15 Dec 2020 09:00 | Anonymous
    The Malta Financial Services Authority (MFSA) has become aware of an entity by the name of Cardinal Holdings Limited which has an internet presence at https://cardinalholdingsltd.com/. This website is using the details of a Maltese Registered Company, Cardinal Holdings Limited (C 31675), which does not offer financial services. Fraudsters are using the details of this genuine company in an effort to deceive the public.
    The Authority would like to inform the public that https://cardinalholdingsltd.com/ is NOT a Maltese registered company NOR is it authorised to provide any financial services in or from Malta. Additionally, https://cardinalholdingsltd.com/ has NO association with Cardinal Holdings Limited (C 31675).
    The website https://cardinalholdingsltd.com/ therefore appears to be a clone of the legitimate entity and the public should therefore refrain from undertaking any business or transactions with the false entity.
    For more info, click here.
  • 14 Dec 2020 09:00 | Anonymous
    The Malta Financial Services Authority (MFSA) has become aware of an entity operating under the name of Expertzoption which has an internet presence at https://expertzoption.com/index. The entity claims that ” Expertzoption holds a Category 3 Investment Services Licence…issued by the Malta Financial Services Authority (The MFSA)” .
    This website is making unauthorised use and reference to the licence number, registered address, and other company details of a Maltese licensed company.
    The MFSA wishes to alert the public, that Expertzoption is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any forex trading services or other financial services which are required to be licensed or otherwise authorised under Maltese law. Furthermore, information available to the MFSA suggests that Expertzoption is likely to be a scheme of dubious nature with a high risk of loss of money. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.
    For more info, click here.
  • 10 Dec 2020 09:00 | Anonymous
    The Malta Financial Services Authority (MFSA) has become aware of an entity operating under the name of FxTrade Gains which has an internet presence at https://www.fxtradegains.com/ . The entity claims that “it holds a Category 3 Investment Services Licence …issued by the Malta Financial Services Authority (The MFSA)”.
    This website is making unauthorised use and reference to the licence number, registered address, and other company details of a Maltese licensed company.
    The MFSA wishes to alert the public that FxTrade Gains is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any forex trading services or other financial services which are required to be licensed or otherwise authorised under Maltese law. Furthermore, information available to the MFSA suggests that FxTrade Gains is likely to be a scheme of dubious nature with a high risk of loss of money. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.
    For more info, click here.
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