News
Latest news from our team of specialists.
Data Protection in Malta: Roles, Duties, and Responsibilities for 2025
Discover the major regulatory changes in the global gaming industry in 2024 and how ARQ Group can help you navigate them.
2024: A Year of Significant Change in the Global Gaming Regulatory Landscape
Discover the major regulatory changes in the global gaming industry in 2024 and how ARQ Group can help you navigate them.
Updates to the Malta Gaming Authority’s (MGA) Financial Reporting Requirements Effective from 2025
Learn about the new financial reporting requirements by the Malta Gaming Authority (MGA) effective from 2025, including AFR and IFR submission guidelines.
Upcoming Financial Regulations in 2025: What You Need to Know
The financial industry is set for major regulatory updates in 2025, including DORA, AMLA, PSD3, NIS2, and SFDR. Stay ahead of the curve with ARQ Group’s expert guidance and tailored solutions
Your Secret Weapon: Why ESG Matters for Today’s Businesses
ESG is more than just a buzzword. It’s a strategic imperative that can help your business mitigate risks, attract talent, and enhance its reputation.
ARQ Group Gaming Advisory Team: Your Partner in Remote Gaming Licensing and Advisory Services
ARQ Group’s Gaming Advisory team provides tailored licensing and compliance services for the remote gaming industry. From selecting jurisdictions to regulatory support, we help businesses navigate complexities and drive growth. Contact Kris Baron, Partner Regulatory & Advisory, to learn how we can support your success at info@arqgroup.com.
Profit Meets Purpose: The Impact of ESG Compliance on Business and Society
ESG compliance is now essential for business success, driving sustainability, attracting investors, and boosting employee satisfaction. Tesla’s 700% stock surge in 2020 highlights its power. ARQ Group helps businesses meet ESG standards and achieve their goals.
Unleashing Generative AI: Transforming Phishing Attacks
Discover how AI-powered phishing attacks are evolving and learn effective strategies to protect your organisation.
Ensuring the Safety of Client Funds: Best Practices and Regulatory Insights
When licensed firms hold assets on behalf of their clients, it is crucial to implement strong mechanisms to safeguard clients’ interests. This concept is enshrined in both European and domestic legislation and is further enforced by the Malta Financial Services Authority when supervising licensed firms such as financial institutions and banks.
Mastering Credit Risk Management: Essential Strategies for Banks and Credit Institutions
In the ever-evolving financial marketplace, understanding credit risk is paramount for banks and credit institutions. Credit risk refers to the potential for a borrower to default on their loan obligations, leading to financial losses for the lender. Effective credit risk management is crucial for maintaining the stability and profitability of a bank’s lending portfolio.
Spotting Red Flags: Key Updates on AML/CFT Obligations for Basic Payment Accounts
The Financial Intelligence Analysis Unit (FIAU) in Malta has recently released updates to its Guidance Note on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) obligations in relation to payment accounts with basic features. These updates are crucial for credit and financial institutions to ensure compliance with the Credit Institutions and Financial Institutions (Payment Accounts) Regulations without compromising their ability to meet their AML/CFT obligations.
MGA Raises Concerns Over Recognition of SGA B2B Licence Framework
Following the introduction of the Swedish Gambling Authority’s (SGA) B2B licence regime on 1st July 2023, the Malta Gaming Authority (MGA) has received numerous applications from entities seeking a Recognition Notice (RN) to recognise their SGA B2B licences. In contrast to SGA B2C licence holders, SGA B2B licensees have not, to date, experienced the same success in obtaining an MGA RN certificate.
Managing People Risk: A Proactive Approach to Safeguard Your Business
In today’s fast-paced business environment, managing people risk is more critical than ever. People risk refers to the potential for human factors to negatively impact an organisation’s operations, reputation, and financial performance. This can include issues such as...
New AML/CFT Regulation: Expanding the Scope of Compliance
As part of our ongoing commitment to keeping you informed about critical regulatory changes, we want to highlight the upcoming amendments to the Anti-Money Laundering Regulation (AMLR), set to take effect on 10th July 2027. These changes will significantly expand the...
Navigating the New FIAU XML Schema: Updates to Suspicious Reporting for GoAML
The Financial Intelligence Analysis Unit (FIAU) in Malta has recently released a new technical package that includes an updated XML schema for automated reporting on GoAML. This update introduces significant changes aimed at enhancing the clarity of reports with the...
Latest Insights on ICT and Cybersecurity Supervision: A Focus on DORA Compliance
The Malta Financial Services Authority (MFSA) has recently published the eleventh volume of “The Nature and Art of Financial Supervision,” focusing on Supervisory ICT Risk and Cybersecurity. This comprehensive document outlines the evolving landscape of ICT risk...
Upgrading of the Suspicious Reporting System (goAML)
At the end of December 2024, the Financial Intelligence Analysis Unit (FIAU) will be upgrading its suspicious reporting system, goAML, to a newer version. The upgrade will introduce several enhancements, including an improved web portal user interface, a new XML schema, and additional web portal functionalities.
FIAU to Give Priority to Due Diligence Carried out on Companies that Fail to File Financial Statements
Introduction On 26 June 2024, the FIAU published its AML/CFT Supervisory Plan covering the period July 2024 to June 2025. The document includes information on the main supervisory focus that each category of subject person will be subject to during the aforementioned...
Gaming Compliance Forum
04 December 2024 | 08:00 – 13:00
Ramona Galea to lead new ARQ’s People and Performance service offering
ARQ Group has announced Ramona Galea as Director of its People and Performance department, a newly launched service line aimed at offering a full suite of services to clients who want to build, reshape, or strengthen their human capital function. This new service...
![Understanding the new EU Minimum Tax Directive [Council Directive EU2022/2523]](https://arqgroup.com/wp-content/uploads/2024/03/ARQ-Tax-Update-400x250.png)
Understanding the new EU Minimum Tax Directive [Council Directive EU2022/2523]
On the 20th February 2024, the European Union Global Minimum Level of Taxation for Multinational Enterprise Groups and Large-Scale Domestic Groups Regulations, 2024 were enacted to transpose Directive (EU) 2022/2523. Concurrently, the Commissioner for Tax and Customs published guidelines to facilitate their implementation.
Streamlining Crowdfunding: The Impact of ECSPR and the Crowdfunding Service Providers Act in the European Union
The European Union market for crowdfunding lags behind other world economies in terms of development. A significant challenge for crowdfunding platforms aiming to expand their services internationally has been the diverging licensing requirements and the absence of...
Malta positioning itself as an Intellectual Property hub
The Commissioner for Tax and Customs has announced that as from year of assessment 2024 accelerated deductions may be taken on expenditure of a capital nature incurred on intellectual property and intellectual property rights.
Revamped MFSA Corporate Governance Manual for Directors of Collective Investment Schemes
The Malta Financial Services Authority (“MFSA”) has, on the 30th of October 2023, published a revamped Corporate Governance Manual for Directors of Collective Investment Schemes (the “Manual”).
Update on the Digital Operational Resilience Act (“DORA” or “Regulation (EU) 2022/2554”)
The MFSA noted that DORA will be supplemented by Regulatory/Implementing Technical Standards, (the “Technical Standards”) which are currently being drafted by the European Supervisory Authorities (the “ESAs”) through the Joint Committee. The delivery deadlines for the Technical Standards are set out in Annex 1 of the circular published in January 2023.
Assistant Manager – Accounting
Assistant Manager – AccountingARQ Group is a professional services organisation based in Malta, providing a wide range of corporate and advisory services to local and international clients operating within different industry sectors.The Finance function is responsible...
Supervisor – Accounting
Supervisor – AccountingForming part of the ARQ Group, ARQ Accounting Limited provides local and international clients with a range of services that include Book-Keeping, Management Accounting, Payroll, VAT and Tax compliance services and acts as a trusted advisor,...
Semi-Senior Executive – Accounting
Semi-Senior Executive – AccountingForming part of the ARQ Group, ARQ Accounting Limited provides local and international clients with a range of services including book-keeping, management accounting, payroll and VAT compliance services and acts as a trusted advisor,...
Senior Executive – Accounting
Senior Executive – AccountingForming part of the ARQ Group, ARQ Accounting Limited provides local and international clients with a range of services that include book-keeping, management accounting, payroll and VAT compliance services and acts as a trusted advisor,...
Fundamentals of Risk Management
Fundamentals of Risk ManagementEvent Date:21st June 2023Event Time:13:00 - 17:00Price:€265 (ecxl. VAT)Location: The Boardroom, ARQ Group, Ewropa Business Centre, Triq Dun Karm, Birkirkara, BKR9034, MaltaOverviewThis introductory level course will walk you through the...
The Third AML and Financial Crime Conference
The need to balance Malta’s growth agenda with Financial Crime Compliance standards, in the light of FATF decision on MaltaThe need to balance Malta’s growth agenda with Financial Crime Compliance standards, in the light of FATF decision on MaltaThe decision of the...
Risk Advisor
ARQ Risk & Compliance Ltd is an advisory practice forming part of the ARQ Group that provides specialised advisory services in the field of risk management, regulatory compliance, and financial crime compliance. The Risk Advisor will report to the Director (Risk...
MFSA Supervision Priorities 2023
1. Introduction On 2 March 2023, the MFSA published its Supervisory Priorities for 2023, which buttress and complement the MFSA’s Strategic Statement issued in February 2023. The MFSA’s Supervisory Priorities were identified following an analysis of the market...
MFSA Strategic Statement – February 2023
In February 2023, the MFSA published its Strategic Statement for 2023 to 2025. This brief article will set out the backdrop to the Strategic Statement and the MFSA’s strategic pillars. Context to the MFSA’s Strategic Statement Over the past three years the...
Assistant Manager – Accounting
Forming part of the ARQ Group, ARQ Accounting Limited provides local and international clients with a range of services that include Book-Keeping, Management Accounting, Payroll, VAT and Tax compliance services and acts as a trusted advisor, adding value to these...
Lara Baron
Senior Manager – Capstone Group
ECB Financial Stability Review highlights inflation, recession risks, and tighter financial conditions, with more volatility likely.
The ECB has published the November 2022 Financial Stability Review (FSR), highlighting an increasing level of risks to financial stability in the euro area. Most of the key risks mentioned in the ECB’s financial stability review (soaring energy prices, elevated...
Digital Markets Act: Rules for Digital Gatekeepers to Ensure Open Markets
On 1 November 2022, the EU Digital Markets Act (the “DMA” or the “Regulation”) entered into force by direct effect and its rules will start to apply on 2 May 2023. The DMA was proposed by the Commission in December 2020 and agreed to by the European Parliament and the...
Gender Balance in Boardrooms
European Council approves new Directive aimed at enhancing Gender Equality Introduction To date, the female gender is critically underrepresented in the corporate sphere, especially in boardrooms and at executive levels. According to data derived from the...
Reporting of Major ICT-Related Incidents
On 13 October 2022 the MFSA published a Circular on the Reporting of Major ICT-Related Incidents (the “Circular”). The Circular explains that after a public consultation process which began on 12 July 2022 the MFSA issued: A Major ICT-Related Incident Reporting...
ARQ appoints senior risk expert Alex Konewko as new Director
Article by Edawrd Bonello as seen on WhosWho.mt With over 20 years’ experience working in financial services, Alex Konewko at ARQ Group has seen the full economic cycle, from boom to crisis and back – from a number of different angles. In fact, his experience both in...
Fitness and Properness – The Criterion of Conflicts of Interest and Independence of Mind
This is Part III of III of an article series on Identifying and Managing Conflicts of Interest in Regulated Entities. Click to read Part I or Part II on the significance of identifying and managing conflicts of interest in regulated entities. Directors of...
Conflicts of interest – policies and procedures
This is Part II of III of an article series on Identifying and Managing Conflicts of Interest in Regulated Entities. Click here to read Part I on the significance of identifying and managing conflicts of interest in regulated entities. 1. The procedure for...
The Significance of Identifying and Managing Conflicts of Interest in Regulated Entities
This is Part I of III of an article series on Identifying and Managing Conflicts of Interest in Regulated Entities. 1. Introduction – requirement to avoid conflicts of interest Regulated entities[1] and in particular their directors, are required to avoid,...
Sustainable Investments: Environment, Social and Governance Standards
Background On 21 April 2021 Commission Delegated Regulation (EU) 2021/1253 amended Delegated Regulation (EU) 2017/565 regarding the integration of sustainability factors, risks and preferences in certain organisational requirements and operating conditions for...
MFSA Publishes New Corporate Governance Code
On 5 August 2022, the MFSA published its New Corporate Governance Code (the “Code”) along with a Feedback Statement. The Code was the culmination of a two-year period in which the MFSA engaged in a dialogue with the industry on corporate governance and issued a draft...
Provisional Agreement Reached on the Digital Operational Resilience Act (“DORA” or the “Regulation”)
On 28 July 2022, the Malta Financial Services Authority (“MFSA”) published a circular announcing that in May 2022, the European Parliament and the Council reached a provisional political agreement on DORA. This brief article will set out the rationale of DORA, its...
FIAU publishes update to the ‘Reporting through goAML’ guidance document
On the 19th July 2022 the FIAU issued an update to the ‘Reporting through goAML’ guidance document, originally published in January 2021. The update provides subject persons with further clarifications in relation to their reporting obligations, primarily with regard...
FIAU publishes Guidance Note on ‘The Use of Cash and the Banking Sector’
Last Friday, the FIAU published a Guidance Note entitled ‘The Use of Cash and the Banking Sector’, which applies primarily to credit institutions and other subject persons that carry out activities that involve the deposit and withdrawal of cash. The note provides...
Junior Executive – Finance
ARQ Group is a professional services organisation based in Malta, providing a wide range of corporate and advisory services to local and international clients operating within different industry sectors. The Finance function is responsible to provide all entities...
The Application of Administrative Penalties for Breaches of Regulation – MFSA’s Guidance Note
On 9 May 2022, the Malta Financial Services Authority (the “MFSA”) published a Guidance Note on the Methodology to Set Administrative Penalties Imposed on Entities and Individuals (“Guidance Note”). This Guidance Note sets out the principles and processes for...
Rising interest rates may be bad news for borrowers and savers
Author: Alex Konewko The global consensus around interest rate rises is now a case of "when” and “by how much", rather than "if" rates will rise. With rate-rises seemingly inevitable, how might higher interest rates impact both borrowers and savers? Why are...
Climate & Environmental Risk in Banks
Author: Alex Konewko An immersive supervisory approach to the management of climate-related and environmental risks in the banking sector In 2020 the European Central Bank (“ECB”) issued its first guidelines on Climate-related and Environmental risks [1] (“C&E”...
Succession Planning for Regulated Entities – The Key Elements
Author: Dr Matthew Muscat The leadership, stability, strategic direction, diversity and competence of the individuals running a business are some of the essential ingredients needed for an enterprise, not only to survive but to succeed, grow and thrive. Succession...
Why Female Leadership Matters
When looking back at the history of the global economy, it is easy to see the immense barriers that women have faced and overcome. Women’s day is an opportunity to celebrate these great strides and shed further light on the valuable contribution that women bring to...
Malta Budget 2022: An interview with ARQ’s Tax & Advisory Partner
In your opinion, what is the main message of this budget? The tag line for this budget, sets out the vision and direction that the Minister together with his Cabinet colleagues have chosen to address during the forthcoming year. The focus is to create a better Malta...
The Role and Responsibilities of a Compliance Officer
The Maltese financial services industry is a tightly regulated sector. Some would certainly argue that financial services operators are shackled by over-regulation, especially following the financial crisis of 2008/09. When operators are required to comply with...
Junior Executive – Corporate Services
Forming part of ARQ Group, ARQ Corporate Limited is a licensed Corporate Service Provider providing a comprehensive range of corporate services and solutions to clients seeking to set up, administer or reinvent their business and manage the organisation through every...
Flexible Resolution of Difficulties in the Administration of Maltese Trusts
An interesting hallmark of the Maltese trust system is the flexibility afforded to trustees and other interested parties in handling situations which are best not left entirely to the discretion of the trustee. In this article, Dr Tonio...
Supervisor – Accounting
Forming part of the ARQ Group, ARQ Accounting Limited provides local and international clients with a range of services that include Book-Keeping, Management Accounting, Payroll, VAT and Tax compliance services and acts as a trusted advisor, adding value to these...
‘Build Back Better’ says the ILO in Latest Global Labour Market Analysis
A report released today by the International Labour Organisation argues that the impact of COVID-19 has been “far greater” than the 2009 financial crisis. The ILO estimates that just under 9% of working hours were lost globally in 2020 due to the pandemic – over four...
The new Mandatory Disclosure Rules and Transposition of DAC 6 explained.
DAC 6 is the latest update in a series of EU initiatives that relate to the automatic exchange of information regarding tax with the introduction of the Mandatory Disclosure Rules (MDR). The objectives of the MDR are to obtain early warnings regarding potentially...
The next edition of the Malta Individual Investor Programme (IIP) launched.
The Parliamentary Secretary for Citizenship and Communities, Mr Alex Muscat, announced on 3rd of July 2020, the details of the new Malta Individual Investor Programme that will be in effect as from September 2020. Fundamental changes to residency and investment...
Business in Malta
Malta is an ideal destination for both business and pleasure. Steeped in history and with a rich cultural and architectural heritage, Malta has been at the centre of historical and political events that transcend the minute footprint of this tiny archipelago. As an...
Malta introduces rules on tax consolidation
As from year of assessment 2020, groups of companies may make an election to be considered as one fiscal unit in terms of the Income Tax Act. As a result, they would file only one income tax return in respect of all the companies forming part of that fiscal unit....
Semi-Senior Executive – Accounting
Forming part of the ARQ Group, ARQ Accounting Limited provides local and international clients with a range of services including book-keeping, management accounting, payroll and VAT compliance services and acts as a trusted advisor, adding value to these standard...
Registration under the Consolidated Group (Income Tax) Rules and relevant guidelines
Following the introduction of the Consolidated Group (Income Tax) Rules, published on 1st January 2019, the Commissioner for Revenue announced that the formation of a fiscal unit for the purposes of these Rules has been enabled through the online portal of the...
Monetary policy: The hidden hand behind the Euro zone’s response to the economic crisis
The COVID-19 pandemic has triggered a worldwide public health crisis, resulting in severe global socioeconomic disruption. Understandably, the response of authorities worldwide initially focused on containing and combatting the virus. The resulting preventive measures...
Just Launched: Industrial Rent Subsidy Scheme 2020
The Minister for the Economy, Investments and Small Businesses Silvio Schembri launched the Industrial Rent Subsidy 2020 in a press conference this morning. The scheme primarily targets businesses that were unable to access Malta Industrial Parks (MIP) industrial...
Financial crime increases in a global crisis
THE NEED FOR EXTRA VIGILANCE IS NOW In this jointly written article Henry Duggan, Managing Director at FTI Consulting and Manfred Galdes, Managing Partner at ARQ Group have collaborated to discuss the impact of the COVID-19 pandemic on financial institutions in...
2020 Budget & Associated Tax Updates
In light of the several measures announced in the budget speech last year that have recently come into effect, we bring you a brief summary of The Budget Measures Implementation Act, 2020: INCOME TAX UPDATES Overtime As from 1 January 2020, qualifying overtime...
Planning for the future with ARQ
The COVID-19 outbreak has created great disruption and uncertainty not only with regards to our ability to survive this pandemic but also what happens in a post COVID scenario. How will this affect us and our continued capacity to provide a livelihood for ourselves...
ACAMS Expands its Global Chapter Reach to Malta.
An online webinar in April saw the much-anticipated official launch of the ACAMS Malta Chapter. The Association of Certified Anti-Money Laundering Specialists (ACAMS), the largest international membership organization of financial crime prevention professionals with a...
Updates on the Malta Development Bank’s COVID-19 Guarantee Scheme
In a session organised this morning by the Malta Institute of Accountants (MIA) for its members, Professor Joseph Bonnici, the Malta Development Bank's (MDB) Chairman, together with several of his colleagues, provided MIA members with updates on the MDB's COVID-19...
Six-month moratorium on loan repayments and other economic measures
The Minister responsible for public health, with the concurrence of and in consultation with the Minister for Finance and Financial Services, has issued the Moratorium on Credit Facilities Regulations in Exceptional Circumstances through Legal Notice 142 of 2020. As a...
COVID 19 & Business Continuity Planning
Is it banal to say that COVID 19 presents serious, prolonged and multi-faceted challenges to almost every organisation? As the consequences of COVID 19 unfold, company risk profiles are changing, almost beyond recognition. In this article, Denia Ellul and Dominic...
New Non-EU Malta Retirement Programme
The Malta Retirement Programme that has been on offer to applicants from the EU, EEA and Switzerland since 2012, is now also available to nationals of non-European countries in terms of Legal Notice 69 of 2020. Malta, a European country in the heart of the...
Protecting Privacy On A Budget
Try casting your mind back to two years ago? Back then, organisations were busy preparing for the General Data Protection Regulation, our email inboxes were brimming with consent requests and at business conferences the topic of privacy was unavoidable. An...
Covid-19: Help is at hand.
All you need to know about the latest fiscal assistance and tax deferral schemes available. In light of the current situation, the Government of Malta has announced a first wave of measures which have been implemented with the aim of reducing the economic impact of...
Setting up a company in Malta
Why Malta? Malta has a strategic value that far surpasses its size. The island has evolved into an international financial and business centre with economic stability at the heart of the European Union. Malta is one of the EU’s fastest growing economies with its...
AML / CFT & Risk – Forced Marriage or Love Match?
The risk-based approach to AML / CFT is at the heart of European anti-money laundering legislation and regulation. Dominic Fisher, Head of Risk & Compliance (Advisory) at ARQ reviews the challenge of integrating AML risk concepts and enterprise wide risk...
AML Deadline Approaches
An REQ (‘risk evaluation questionnaire’) is an annual regulatory submission related to Anti-Money Laundering. In 2019, the first year of the REQ, organisations generally struggled with the deadline and the FIAU sent no less than 207 letters to subject persons who had...
Staying in the Corporate Game
ARQ’s Dominic Fisher Reviews The MFSA’s New Corporate Governance Consultation One feature of the popular multiplayer online game Fortnite, is the ever decreasing playing area as the storm engulfs the virtual island on which the game is set. Similarly there will...
Insights into the aviation industry in Malta
with Dr Tonio Fenech of ARQ Group and Fenech Farrugia Fiott, as seen in Aviation Malta. Harmonisation and collaboration through collective thinking. If you have ever needed a lawyer for aviation matters, the chances are you’ve met or heard of Dr Tonio Fenech of Fenech...
Senior Executive – Accounting
Forming part of the ARQ Group, ARQ Accounting Limited provides local and international clients with a range of services that include book-keeping, management accounting, payroll and VAT compliance services and acts as a trusted advisor, adding value to these standard...
Money Laundering In Malta – The Road To Meaningful Reform
As a topic, anti-money laundering (AML) and the combating of terrorism financing can be abstract and complex, but it’s also never been higher on the commercial and even political agenda. In the regulated sphere – and increasingly in other parts of the economy –...
Further News on Brexit
Key updates on the latest Brexit news: The Tories are well ahead in the polls with a lead over Labour of up to 10%. In normal circumstances, that would easily give the Tories an overall majority. The Tory strategy – to unite all the Brexit voters – is also politically...
A concise summary on the latest Brexit news
Is there a majority for Johnson’s Brexit deal? It increasingly looks as though parliament will approve Boris Johnson’s Brexit deal, by passing the bill needed to ratify it. MPs voted tonight by 329 to 299 to move to the second reading of the bill, giving a strong...
Monitoring geese laying golden eggs
Written by Terence Mirabelli About a month ago I went to the bank to deposit €6 in change. My wife told me I was being childish (nothing new there), but I chose to ignore her. The cashier looked at me – no doubt thinking “this chap’s lost it – trying to humour a...
Maltese Temporary Regime for UK Entities Passporting Into Malta
Three legal notices (the “Legal Notices”) [1] have been recently promulgated in anticipation of the possibility of a ‘No-Deal Brexit’. The Legal Notices primarily impact UK licenced investment funds, investment firms and fund managers (“UK Entities”) that are...
New Brazilian Gaming Regulations
A new public consultation on the Brazilian regulation of fixed odds sports betting is now open. These are the preliminary draft regulations summarized: How will fixed odds sports betting work? The fixed odds betting modality consists of a betting system with...
European Commission Rules on the Operation of Drones
Earlier this year, the European Commission devised new Regulations setting out comprehensive rules ensuring “safe, secure and sustainable operations of drones”, both for commercial and personal use. Commission Implementing Regulation 2019/ 947 The Commission...
Malta’s relationship with transfer pricing rules
“The growth of multinational enterprises (MNEs) presents increasingly complex taxation issues for both tax administrations and the MNEs themselves since separate country rules for taxation of MNEs cannot be viewed in isolation but must be addressed in a broad...
A Polish perspective on coming to Malta
The decision to move to Malta from Poland was a spur of the moment decision in my case. I studied Finance and Accounting while working as a waitress and handling the accounts of a couple of non-governmental organisations. When I got my Master’s degree I decided – no...
From South Africa to Malta – Eyes wide shut.
For any South African, the reason for choosing to immigrate is pretty obvious. Suffice to say, we felt the need to leave a good life in a beautiful country for the future and security of our kids. As an established, middle aged couple with kids in various stages...
Malta’s Patent Box Regime
On the 13th August 2019, Malta issued the Patent Box Regime (Deduction) Rules, 2019 which sets out the conditions for deductions to be claimed against income derived from a qualifying IP as per article 14(1)(p) of the Income Tax Act (‘ITA’). In accordance with the...
Malta implements the EU’s Anti-Tax Avoidance Directive
In early 2019, Malta implemented the regulations of the EU Anti-Tax Avoidance Directive (ATAD) which provide for minimum harmonisation in various areas of tax. The following 4 anti-avoidance measures have been introduced into Maltese domestic law with effect from 1...
Exit Taxes in Malta
Exit Taxes is not an unknown term to most countries, however until the implementation of the EU’s Anti-Tax Avoidance Directive (ATAD) which lays down rules against tax avoidance practices that directly affect the functioning of the internal market, exit taxes were not...
Brief Commentary On The New Prospectus Regulation
A Brief Commentary from ARQ's legal partner, Fenech Farrugia Fiott Legal, on the introduction of EU Prospectus Regulation (EU Regulation 2017/1129), governing securities offered to the public or admitted to trading on a regulated market situated or operating within EU...
Revised Implementing Procedures Part I
In view of the legislative amendments made to Chapter 373 of the Laws of Malta, the Prevention of Money Laundering Act and its subsidiary legislation, the ‘Prevention of Money Laundering and Funding of Terrorism Regulations’ (PMLFTR), the revision of Part I of the...
Safeguarding the Reputation of Residency & Citizenship Programmes
ARQ Group attended the Investment Migration Forum held in Geneva between the 4th – 6th June. This event addressed the advancement of the investor immigration and citizenship industry. Due to the ever-increasing number of individuals who choose to travel, live, work,...
Executive – Corporate Services
Forming part of ARQ Group, ARQ Corporate Limited is a licensed Corporate Service Provider providing a comprehensive range of corporate services and solutions to clients seeking to set up, administer or reinvent their business and manage the organisation through every...
ARQ – Partnership in Gaming
It always gives us great pride and pleasure to be involved with a dynamic start-up company where the full value of ARQ can come into play, from company structuring and incorporation through to tax, risk & compliance, advisory services and gaming licensing. Rootz...
Contribution to The Transport Finance Law Review 2019
Fenech Farrugia Fiott Legal, ARQ’s partner legal firm, are again proud contributors to the Malta chapter in the prestigious publication - The Transport Finance Law Review. The publication is international in scope and is designed to provide industry insights to...
Structuring your business succession – Tax aspects
Transferring control of your business to family members may involve restructuring your business operations - changes in shareholding, changes to the trustee, changes to a partnership structure – or transferring assets to family members, possibly by way of donation or...
ARQ expands its Financial Services & FinTech Unit
Financial services is becoming an ever more complex sector with tight regulatory regimes. Today, companies are looking for advisors with multi-jurisdictional approaches, regulatory knowledge and the ability to provide technology solutions that support compliance &...
Who’s next in line to lead your family business?
As reluctant as many families may be to tackle the issue, the strength and longevity of a family business depend on careful succession planning and on communicating the results of that planning to the right stakeholders at the right time. The importance of careful...
Proud Members of Integra International
As of April 2019, ARQ Group is enrolled as a full Integra International member in association with Capstone Group who has been the audit member since 2012. Integra International is an interactive association of CPA’s CA’s and Business Advisors that collaborate and...
Brexit uncertainty opens new doors
Brexit uncertainty continues to wreak havoc in the UK. Over the past year, key players such as Britain’s steel and motor industries have signalled strongly that Brexit is eroding operations and damaging the UK manufacturing industry. In the event of a no deal...
Aviation: Make Malta your next destination
Malta With its strategic location in the centre of the Mediterranean, Malta is no stranger to the world of aviation. Surrounded by the Mediterranean Sea, and renowned for its thriving tourism industry, Malta has always had to rely on the aviation industry, both for...
Junior Executive – Accounting
Forming part of the ARQ Group, ARQ Accounting Limited provides local and international clients with a range of services that include book-keeping, management accounting, payroll, and VAT compliance services. The Junior Executive – Accounting will report to the...
Malta’s Multilateral Convention, implementing Tax Treaty related measures to prevent Base Erosion & Profits Shifting
In light of the BEPS project, and the identification of tax treaty abuse being a major factor leading to base erosion and profit shifting, around 100 jurisdictions, including Malta, signed the MLI with the aim of implementing the suggested remedial measures against...
Senior Compliance Advisor
ARQ Risk & Compliance Ltd is an advisory practice forming part of the ARQ Group that provides specialised advisory services in the field of AML/CFT, GDPR and regulatory compliance. The Senior Advisor (AML/CFT Compliance) will report to the Head of Risk &...
Temporary Permission Regime
The Malta Financial Services Authority (MFSA) has recently released a circular announcing the Temporary Permission Regime (TPR). This regime is applicable to the following entities that are; regulated by the UK Financial Conduct Authority (FCA) or the Gibraltar...
A Look At China’s New Foreign Investment Law
On the back of the China-US trade talks, the new Foreign Investment Law of the People’s Republic of China (the “FIL”) took around three months to pass, from draft. Reports are showing that this was an unprecedented fast turnaround in the legislative history of...
Yacht Leasing: VAT on the basis of EU use and enjoyment
The Maltese VAT Department recently issued guidelines with the intention of reducing substantially the overall VAT impact on the leasing of a yacht. The guidelines establish that Maltese VAT on a lease taking place in Malta is only charged on the portion of the lease...
The amendments to the Cyprus Citizenship by Investment Scheme
ARQ are pleased announce that they may assist investors who are interested in becoming Cypriot citizens through the citizenship by investment programme. The Council of Ministers in Cyprus announced the following revisions to their citizenship programme which will...
The Production of Cannabis for Medicinal & Research Purposes in Malta
The production of medical cannabis is regulated by the Production of Cannabis for Medicinal and Research Purposes Act, (the “Act”), which became effective on the 17th April 2018. The Act brought along with it the possibility of producing cannabis in Malta however,...
Shipping & Aviation in Malta – Plain sailing with ARQ
Over the past decades Malta has developed a very strong legal and regulatory platform that has enabled the Maltese Shipping Flag to become a reputable international ship register which is now established as the largest Registry in the EU and 6th largest in the world....
Planning for the New Interest Deduction Limitation
As part of Malta’s implementation of the EU’s Anti-Tax Avoidance Directive (ATAD), an important change has been made with respect to the deductibility of business interest expense incurred with effect from 1 January 2019. Before ATAD was transposed into Maltese law,...
General Anti-Avoidance Rule (GAAR) in Malta
The concept of a General Anti-Avoidance Rule (GAAR) is not new to Malta. Malta’s Income Tax Act (ITA) already contained a GAAR for many years as per Article 51 of the ITA. Following the implementation of the Anti-Tax Avoidance Directive (ATAD) into domestic law with...
EU Anti-Tax Avoidance Directive implemented into Maltese law
On 11 December 2018, the regulations of the EU Anti-Tax Avoidance Directive (ATAD) were implemented into Maltese tax law by means of Legal Notice 411 of 2018. The new regulations came into force on 1 January 2019, with the exception of the rule relating to exit...
Tax Updates: December 2018
On 11 December 2018, the provisions of the European Union Anti- Tax Avoidance Directive (ATAD) were transposed into Maltese tax law. The key components of ATAD are: Interest deduction limitation rules General anti-abuse rule (GAAR) Controlled foreign company...
Accounting Services for Aircraft owners & operators
Are you ready for take-off? Though business aviation was once considered a luxury which only the wealthy and top global companies could afford, it has today become indispensable for businesses of all sizes, government organisations and even charities to survive,...
The Malta Digital Innovation Authority: Bringing Sanity to the Blockchain Island Frenzy
The Malta Digital Innovation Authority (MDIA) was established by virtue of Chapter 591 of the Laws of Malta, the Malta Digital Innovation Authority Act, which became effective on the 1st of November 2018. The MDIA is the primary authority responsible for promoting all...
Tax, VAT & Duty implications on Transactions or Arrangements involving DLT Assets
On the 1st November 2018, Malta’s Commissioner for Revenue (‘CfR’) issued guidelines in relation to transactions or arrangements involving DLT Assets. What follows covers the tax, VAT and duty treatment with respect to such transactions or arrangements, excluding...
Tax Legal Notices: Q3 2018
L.N. 297 of 2018 – Value Added Tax Act (Amendment of Third Schedule) Regulations, 2018 L.N. 298 of 2018 – Value Added Tax Act (Amendment of Twelfth Schedule) Regulations, 2018 L.N. 299 of 2018 – Value Added Tax Act (Amendment of Fourteenth Schedule) Regulations, 2018...
UK Introduces New Penalties for Overseas Investors Dodging Tax
Britain’s so-called “requirement to correct” (RTC) legislation came into force yesterday, 30 September, and requires taxpayers to declare any foreign assets that could affect their UK income tax, capital gains tax or inheritance tax. Investors who notified HMRC (Her...
AML requirements for Gaming Companies – FIAU & MGA guidance
The transposition of the 4th Anti-Money Laundering Directive (2015/849) into the Maltese Law through Legal Notice 372 of 2017 has broadened the definition of land-based casinos as from 1st January 2018. The revised description now includes all types of “providers of...
Economy Update: October 2018
Activity The economy continued to grow at a sustained rate. Provisional estimates issued by the National Statistics Office (NSO) indicate that the Gross Domestic Product (GDP) for the second quarter increased by 8.6% in nominal terms when compared to a year earlier....
Smart Contracts: The end of all lawyers all together or the beginning of a new era?
Smart contracts are blockchain based contracts which are automatically executed upon certain specified criteria coded into the contract being met. Smart contracts are essentially, pre-written computer codes and their use may present enforceability questions if...
ARQ approved Corporate Member of the Investment Migration Council (IMC)
First Maltese professional services organisation to be accepted as corporate members by this leading global forum ARQ achieved another milestone in its growth as a leading professional services organisation when it was recently accepted as a corporate member of the...
Cyprus targets tax avoiding letter-box companies
Cyprus Central Bank wants to prevent firms from using EU single market freedom-of-establishment rules to set up letter-box companies for tax benefits in the country. The regulator underlined the need for businesses to have real substance in order to operate and...
Hargreaves founder slams UK Goverment, claiming no-deal Brexit is ‘best option’
The founder of Hargreaves Lansdown, Peter Hargreaves, has backed a no-deal Brexit, insisting that such a scenario would give the UK “free trade with Europe”. In an interview with Bloomberg, Hargreaves slammed the British government’s handling of the negotiations...
New Gaming Act Comes Into Force | Malta Gaming Authority
The new Gaming Act, approved by Maltese Parliament on 8 March 2018, together with the subsidiary legislation and Authority-issued binding instruments which establish the detailed processes and procedures constituting the holistic regulatory framework for the gaming...
Special Tax Rate introduced on Qualifying Employment in the Maritime, Oil and Gas Industries
Legal notice 140 of 2018 brings into force a programme that allows individuals employed in the maritime and oil and gas industry to benefit from a flat rate of 15% tax rate on their employment income. For this tax rate to apply, the individual must be resident but not...
Blockchain and CFOs: Friends or Foes?
There is a lot of hype surrounding blockchain and on how it will revolutionise businesses and industries. Everyone is currently suffering from an information overload and business leaders and CFOs might actually feel daunted about the subject which is laden with...
Parliament Approves Crypto & Blockchain Legislation: A Milestone in Malta’s Journey to Becoming a ‘Blockchain Island’
It was just over a year ago that the Maltese government claimed that Malta had the potential to ‘trail-blaze’ its way to a blockchain future, breaking rank as a ‘frontline country’ in this innovative space. Last week, Parliament approved three cryptocurrency and...
MGA issues Policy on Outsourcing by Authorised Persons
As the gaming industry matures and flourishes, outsourcing a whole host of services, from regulatory compliance to marketing, to third party service providers has become the norm, with the industry becoming increasingly interdependent on a host of B2B services...
Get up to speed with Malta’s Economic Performance
Malta’s positive economic performance continued throughout the first half of 2018 with a number of positive economic indicators confirming this. This article will highlight Malta’s performance in some main indicators. GDP Growth During the first quarter of...
VAT Grouping introduced in Malta
Following the announcement in the last Government Budget Speech, Legal Notice 162 of 2018 has introduced the possibility of VAT Grouping in Malta. VAT Grouping is a tool, available in various EU Member States, which is mainly used to prevent having irrecoverable VAT...
Blockchain – The Trust (R)evolution.
In 1993, eminent Harvard scholar Robert Putman published a seminal book which studied the difference in performance between cities in northern and southern Italy. Putman labelled the cause of the difference between the performance of these two groups of cities as...
Virtual Currencies: Are They Money?
Money has formed an integral part of human economic interaction for millennia. It has appeared in many forms – barley, metallic currency, paper notes, cowry shells, cigarettes and even the great Rai stones of Yap. The question that everybody asks is, are Virtual...
From Barley to Bitcoins: The Unofficial History of Money
Go ahead and remove a euro note from your wallet. What is it worth? Your first reaction would be the face value of the note; €5, €10, €20, €50 or €100. But what is its real worth? What is its intrinsic value of that piece of paper? Like many other contracts, the euro...
Sweden Formally Adopts New Gambling Legislation
Gambling legislation passed in the Swedish Parliament on 7 June will introduce a number of key changes to the online gambling sector in Sweden. This main aim of this legislation, entitled “A re-regulated gambling market”, is to combat the country’s unregulated online...
Many Sides to a Bitcoin
Like anything else in life, opinions about bitcoin and cryptocurrencies abound. The headlines are always dominated by the increase or fall of its price and the debate rages on. The focus of these articles has now shifted away from blockchain the technology towards bitcoin the currency. Our focus is on the digital units of value that are being used by people in exchange for goods or services or other currencies, and whose price tends to swing wildly against traditional government-issued currencies. However, there are many sides and perspectives to bitcoin.
MGA Issues Non-EEA Games Notice
On the 4th June 2018, the Malta Gaming Authority (MGA) issued a notice wherein it was announced that the practice whereby games from providers which are not licenced by an EU/EEA competent authority but which are offered under the purview of other jurisdictions...
Building the Blockchain
As already discussed, blockchain is the revolutionary technology that is driving disruption in many industries including the monetary system through bitcoin and other virtual currencies. It is therefore imperative to delve into the way blockchain is built and why as a...
Legal Notices Q2 2018
L.N. 114 of 2018 – Tax Credit (Educational Qualifications) Rules, 2018 Individuals obtaining educational qualifications recognised as being equivalent to a Level 7 or Level 8 qualification are entitled to claim a tax credit in accordance with the Rules...
Defining the Blockchain World
Before delving straight into world of blockchain, its history and its applications; it would be opportune to go over the main concepts and terminology. As most technical topics, jargon quickly takes over and becomes hard for the non-technical person to keep up with...
US Supreme Court lifts ban on sports betting: What does this imply for EU gaming operators?
On 13 May the U.S. Supreme Court lifted a federal ban on sports betting, declaring that a 1992 statute banning this activity was unconstitutional and subjected state legislatures to the direct control of Congress in violation of the 10th amendment. This decision means...
Parliament approves new Malta Gaming Act
The approval of Malta’s new Gaming Act in Parliament earlier this month represents a long-awaited consolidation of our gaming legislative framework into a singular primary act. It is also a major milestone in terms of updating this framework to respond to the new...
Malta: The Blockchain Island
Malta is set to become the global capital of blockchain technologies & Virtual Currencies (VCs). Malta is expected to have in place three acts of law that inter-operate to produce a comprehensive and unique legal framework that offers legal and regulatory...
Digital Taxation: Fairer taxation or a political game?
On 21 March the European Commission proposed new rules to tax the digital economy, stating that this is being done ‘to ensure that digital business activities are taxed in a fair and growth-friendly way in the EU’. The proposal is actually made up of two proposals:...
Malta’s EU residency and citizenship programmes: Suitable alternatives to the EB-5
A growing number of countries are introducing programmes that allow wealthy investors to acquire residency or citizenship. Malta offers such programmes and is now setting high standards within the sector. After joining the EU in 2004, Malta became one of the fastest...
Tax Credit under the Micro Invest Scheme
Small and medium enterprises investing in their business are entitled to apply for a tax credit amounting to 45% of certain eligible expenditure incurred. The credit is increased to 65% if the investment is made by an undertaking operating from Gozo. The tax credit...
European Commission Approves Malta Tonnage Tax Rules
The European Commission (‘the Commission’) had opened a formal investigation on the Maltese Tonnage Tax Rules in 2012 to assess the compliance of the regime with European State Aid Rules. The conditional approval of the Maltese tonnage tax regime in December 2017...
EU Commission proposes measures on Digital Taxation
Profits made through digital activities, such as selling user-generated data and content, are not captured by today's tax rules. On 21 March 2018, the European Commission proposed two news rules to ensure that digital business activities are taxed in a fair and...
ARQ Risk & Compliance Events
ARQ's team have attended and participated in two Risk & Compliance events over the past two weeks; GIG’S Annual Employee Conference One of which was the 5 year company anniversary event “GiGsters Connect”, organized by Gaming Innovation Group (GiG) on...
Legal Notices Q1 2018
L.N. 9 of 2018 – VALUE ADDED TAX (AMENDMENT OF FIFTH SCHEDULE) REGULATIONS, 2018 The list of “Exemptions without credit” in the category of letting of immovable property now includes “the letting to players of rooms or other spaces lawfully designated for the playing...
Going beyond the headlines of Bitcoin
Allow me to introduce you to Parisa Ahmadi, an Afghan girl who managed to buy a laptop thanks to bitcoin. Without bitcoin, this would have been impossible. In a patriarchal society like Afghanistan, women do not have access to bank accounts. Parisa, who was working as...
Companies Act (Register of Beneficial Owners) Regulations
On the 20th December 2017, the Companies Act (Register of Beneficial Owners) Regulations, hereinafter referred to as “the Regulations” were published. The purpose of these Regulations is to implement the relevant provisions on beneficial ownership...
XI of 2017 – Companies (Amendment) Act, 2017
On the 21st of March, Act no XI of 2017 to amend the Companies Act was published. This Act speaks about the removal and prohibition of share warrants to bearer in all types of Maltese companies as well as enhancing the company reconstruction process. This article...
Company Secretaries & the Role They Play in Ensuring Corporate Governance
The Companies Act (hereinafter referred to as “the Act”) states that every company shall have a company secretary and that the person appointed must have the requisite knowledge and experience to discharge the functions of company secretary. Whilst the primary duties...
Trusts vs Foundations: the Similarities & Differences
Whether you work in business, finance, or law, or are just an individual who holds property and assets, the chances are that you have heard of Trusts and Foundations. But what are they, what are the differences and similarities between them, and how can you utilise...
Reduction in the Rate of Duty on Donations of Shares & Business Property Between Family Members
Applicable to Donations Made Before 1 April 2018. A reduced rate of duty of 1.5% has been introduced through a legal notice issued on 2 May 2017. The reduced rate of duty is applicable for a limited period of time to: donations of shares in a company from an...
Malta Introduces New Regulations for Protected Disability Trusts
By virtue of Legal Notice 324 of 2016, the Minister of Finance has made Regulations under the Trust and Trustees Act with regards to Protected Disability Trusts. These Regulations have been formulated to provide regulatory guidance for the formation of a Trust where...
The FIAU announces amendments to its Implementing Procedures
Following the issuance of the Implementing Procedures 1 in May 2011, the Malta FIAU has recently published its most comprehensive revisions following its consultation and subsequent suggestion from stakeholders including private sector representatives and the relevant...
Private Trust Company (PTC) rules & guidelines by the MFSA
On the 25th April 2014, the Trusts and Trustees Act (TTA) was updated by including Article 43B to the principal Act, which mentioned ‘Family Trusts’, which the TTA defines as a a trust created to hold property settled by the settlor or settlors for the present and...
Company Secretarial Support Services
Every company incorporated in Malta is required to appoint a company secretary. We understand that while it is becoming increasingly demanding and time consuming to keep up with statutory requirements it is essential that all corporate governance obligations are met...
The Impact of Brexit on Financial Services in Malta
Britain and the European Union may be in for a messy divorce. Britain's exit, or 'Brexit', from one of the world's most powerful trading blocks will happen if the Brits vote to leave on the national referendum taking place on June 23rd, 2016. Polls currently indicate...
Paul Mercieca
Non-Executive Chairman
Manfred Galdes
Managing Partner
David Borg
Partner – Tax & Advisory
Kris Baron
Partner – Regulatory & Advisory
Christian Farrugia
Partner – Corporate & Fiduciary
Alex Konewko
Director – Risk Advisory
Denia Ellul
Director of ARQ Advisory Ltd, ARQ Corporate Ltd and ARQ Fiduciaries Ltd.
Ramona Galea
Director – People & Performance (Advisory)
Martina Mifsud
Head -Risk & Compliance (Advisory)
Corene Ellul
Senior Manager – Accounting
Yanica Bonnici
Assistant Manager – Finance