Malta

   

Economic Policies

#13
Key Findings
Showing significant gains in recent years, Malta falls into the upper-middle ranks (rank 13) with regard to economic policies. Its overall score in this area has improved by 1.0 point relative to 2014.

Growth rates have been exceptionally strong, and unemployment rates have fallen to low levels of around 4%. Public and private domestic consumption has been the major driver of growth, but significant health, technology and telecommunications projects are expected to drive a recovery in investment in 2019.

Overall labor-market activity rates are the EU’s highest among 25- to 54-year-olds. Policies have helped improve employment rates among women, but absolute levels remain low. Fully 30% of private-sector workers are foreigners, a relatively transient population. Corporations are increasingly taking advantage of advantageous tax breaks, and the government is currently transposing EU anti-tax-avoidance rules.

The budget has posted small surpluses for several years. Debt levels are moderately high. However, health care costs and state-owned-enterprises may pose risks to future deficit targets. Weak financial-sector enforcement has led to money-laundering concerns.

Economy

#7

How successful has economic policy been in providing a reliable economic framework and in fostering international competitiveness?

10
 9

Economic policy fully succeeds in providing a coherent set-up of different institutional spheres and regimes, thus stabilizing the economic environment. It largely contributes to the objectives of fostering a country’s competitive capabilities and attractiveness as an economic location.
 8
 7
 6


Economic policy largely provides a reliable economic environment and supports the objectives of fostering a country’s competitive capabilities and attractiveness as an economic location.
 5
 4
 3


Economic policy somewhat contributes to providing a reliable economic environment and helps to a certain degree in fostering a country’s competitive capabilities and attractiveness as an economic location.
 2
 1

Economic policy mainly acts in discretionary ways essentially destabilizing the economic environment. There is little coordination in the set-up of economic policy institutions. Economic policy generally fails in fostering a country’s competitive capabilities and attractiveness as an economic location.
Economic Policy
8
Economic planning is at the forefront of Malta’s policymaking process and a clear-cut assignment of tasks to government institutions is its strength. Strong ties between public institutions, the economic planning ministry, and social partners exist through the Malta Council for Economic and Social Development (MCESD). This system has provided the ideal foundation for strong economic performance. Indeed, provisional GDP estimates for the second quarter of 2018 indicate an increase of 8.6% over the same period in 2017 and a 5.9% increase in real terms. Moving forward, growth is set to remain robust but moderate over the forecast horizon. Domestic demand was expected to be the main driver of growth during the second half of 2018, spearheaded by increases in both public and private consumption. Projects in the health, technology and telecommunications sectors are poised to drive a recovery in investment in 2019. Malta’s labor market remains resilient, and the country’s unemployment rate is currently among the European Union’s lowest. Industrial legislation provides protection against dismissals and allows for open bargaining between employers and their unions, but few co-determination structures. Unit labor costs have remained moderate, but are projected to accelerate in 2018 and 2019.

Moody’s Investors Services also confirmed Malta’s A3 rating with a stable outlook in August 2018. However, the World Economic Forum’s Global Competitiveness Report 2018 cited difficulties in finding skilled employees and the complexity of tariffs as significant obstacles to doing business in Malta. Nonetheless, the country was ranked 1st globally in terms of macroeconomic stability and 36th overall, which represents an improvement over the preceding reporting period, in which Malta ranked 37th.

The World Bank’s Doing Business Report 2018 placed Malta’s at 84th out of 190 countries with regard to the ease of doing business, a notable drop from the preceding year’s 76th place. Nonetheless, the report still regards Malta’s decision to remove trading licenses for general commercial activities favorably. In an effort to reduce red tape, the government has created the position of commissioner for simplification and reduction of bureaucracy, with the partial aim of reducing the administrative burden for investors setting up businesses in Malta. A total of 500 simplification measures have been implemented over a period of five years, while the “Business First” one-stop service was introduced for the industrial sector in 2017. The government is encouraging private industry to invest locally in the production of medical marijuana, and has stated that it is working to make the island a center of excellence for blockchain technology, which it believes will be the leading engine for growth in the future. Significantly, in July 2018, Malta became the first country in the world to implement a regulatory framework for stakeholders in the blockchain, cryptocurrency, and distributed ledger technology sector.

Rapid economic growth has brought several challenges to the fore. First, the continued dependence on financial services and property development, along with a widening trade deficit in 2018, highlight the need to diversify the economy. Second, this growth has depended on massive building programs and the import of labor, while also increasing demands on infrastructure and social services to a degree unsustainable for an island country that measures just 316 square kilometers. Indeed, Malta has dropped eight places in the UN sustainability index, registering a decline in the quality of overall infrastructure and sea cleanliness.

Citations:
National Statistics Office (NSO) News Release 139/2018
European Economic Forecast Summer 2018 (Interim) p.22
The Malta Independent 31/09/2018 Malta with fifth lowest EU unemployment rate in June
Commission Staff Working Document - Country Report Malta 2018 SWD (2018) 216 final p.5-6
The Malta Independent 23/08/2018 Moody’s affirms ‘A3 Positive’ rating for Malta - government
World Economic Forum Global Competitiveness Report 2018 p. 379
Doing Business 2018 – Reforming to Create Jobs p.4, p.134
Doing Business 2017 – Equal Opportunities for All p.7
https://simplification.gov.mt/en/Pages/home.aspx
The Malta Independent 05/04/2017 Government implements 500 simplification measures over a period of three years
Pre-Budget Document 2019 p.51
Forbes 05/07/2018 Maltese Parliament Passes Laws That Set Regulatory Framework for Blockchain, Cryptocurrency And DLT
The Malta Independent 09/08/2018 Trade deficit soars in June as exports fall and imports rise
SDG INDEX AND DASHBOARDS REPORT 2018

Labor Markets

#1

How effectively does labor market policy address unemployment?

10
 9

Successful strategies ensure unemployment is not a serious threat.
 8
 7
 6


Labor market policies have been more or less successful.
 5
 4
 3


Strategies against unemployment have shown little or no significant success.
 2
 1

Labor market policies have been unsuccessful and rather effected a rise in unemployment.
Labor Market Policy
9
Unemployment rates are at historically low levels in Malta. Eurostat figures for July 2018 indicated that Malta had the sixth-lowest unemployment rate in the EU, at 4%, and the second-lowest youth-unemployment rate in the EU, at 6.3%. The overall labor-market activity rate was estimated at 71.2% during the first quarter of 2018, and represents the EU’s highest rate recorded among persons 25 to 54 years old. This is largely attributable to a broad range of measures undertaken by the government to reduce unemployment. These include a Strategy for Active Aging, the Youth Employment Guarantee Scheme, extended training programs, a reduction in income tax, tapering of social benefits and an in-work benefit scheme. While Malta possesses a consolidated support system for the unemployed consisting of social benefits and retraining opportunities, schemes to help low-skilled individuals find employment have only been introduced recently.

Various measures have also been introduced to increase female labor-market participation rates. Policies worth noting include the introduction of free child-care centers in 2014, along with the strengthening of breakfast and after-school clubs. Paid leave maternity, adoption and assisted procreation policies are all now well established . The government has also established a collective maternity fund financed by the private sector, with the goal of reducing discrimination. The in-work benefit scheme has also been extended for single-earner households with children, with 2,684 individuals receiving benefits as of January 2018. Nonetheless, Malta still has the widest labor-market gender gap in the EU (32.5%), a fact directly related to women’s traditionally lower labor-market participation rate.

This critical gender gap is further exacerbated by an increasingly aging workforce (the number of persons aged 65+ is expected to increase by 44% by 2035). Moreover, 30% of companies report skills shortages, a skills mismatch and a growing reliance on foreign labor. Additionally, 30% of individuals in the private-sector workforce are foreigners. For instance, out of the 11,000 new jobs created in 2016, only 2,500 were filled by Maltese. Foreign workers have been found to be relatively transient, with only 45% staying longer than two years. This leads to constant labor-force turnover. In view of this fact, the cabinet has approved plans to supplement the current 43,000-strong foreign workforce with thousands of non-EU workers.

The influx of foreign workers contributed to a moderation of unit labor costs during 2016 and 2017. However, the tightening labor market is expected to lead to upward pressures on wages in 2018 and 2019. Moreover, concerns related to working conditions remain present, as some employers continue to exploit gaps in the law and employ workers at less than the minimum wage.

Citations:
Eurostat News Release Euro Indicators 135/2018
National Statistics Office (NSO) News Release 101/2018
Pre-Budget Document 2018 p. 13
National Reform Program 2018 p.27
2018 Report on Equality between Women and Men in the EU p. 60
Formosa Marvin (2014) Socioeconomic implications of population ageing in Malta: Risks and Opportunities
Commission Staff Working Document - Country Report Malta 2018 SWD (2018) 216 final p.2, p.5
Times of Malta 26/10/17 Economy will need 12,500 workers next year
Times of Malta 27/06/2018 43,000 foreign workers in Malta, and more are expected

Taxes

#12

To what extent does taxation policy realize goals of equity, competitiveness and the generation of sufficient public revenues?

10
 9

Taxation policy fully achieves the objectives.
 8
 7
 6


Taxation policy largely achieves the objectives.
 5
 4
 3


Taxation policy partially achieves the objectives.
 2
 1

Taxation policy does not achieve the objectives at all.
Tax Policy
7
Malta’s income tax system ensures that a portion of income is non-taxable for all three tax categories (€9,100 for single individuals, €12,700 for married individuals and €10,500 for parents). Parents also receive a tax rebate on school fees, cultural activities, and creative education. No sales or inheritance tax is levied on a person’s primary residence. Moreover, first-time property buyers have been benefiting from a capped duty waiver since 2014, while similar benefits were also extended to second-time buyers at the beginning of 2018. Other measures contributing to greater equity were introduced in the 2019 budget, including supplementary allowances for minimum-wage earners, unemployment benefits for self-employed individuals, income-tax refunds for all employees, higher tax-free pension ceilings and tax exemptions for those who invest in third-pillar pension plans. Significantly, the 2019 budget will not be introducing any new taxes, tariffs or duties.

However, the burden of taxation falls mainly on people in fixed and registered employment. Malta’s shadow economy is officially equivalent to nearly 25% of GDP, though economists contend that the actual percentage is much higher. A 2017 ECB study shows that Malta is among the countries with the highest number of cash transactions in the EU, a fact that in all likelihood results from rampant tax evasion. Tax evasion controls remain ineffective. A number of mitigating measures have recently been introduced to consolidate previously introduced actions in this area. Among others, these include possible measures to reduce the use of cash. A joint task force that encompasses the Inland Revenue, VAT and Custom departments along with the Tax Compliance Unit has been established with the aim of facilitating the fight against tax evasion. A 2018 European Commission report stated that €200 million had been collected in previously lost taxes, and that Malta had made significant progress in the area of VAT revenue collection, reducing the gap by some 90%. Indeed, the report said, Malta had demonstrated the largest increase in VAT compliance rates in the European Union.

With a corporate taxation rate of 35%, Malta has one of the highest tax rates applicable to companies in the EU. However, as a result of the full imputation system and the tax incentives provided to companies registered in Malta, the actual tax rate is estimated to be as low as 5%. Moreover, the Maltese tax policy does not include additional taxes on dividends paid to shareholders, apart from the fact that they are entitled to tax credits. Special tax incentives are also available for industrial research and development projects, experimental development and the registration of intellectual property. Fiscal incentives enhance the competitiveness of various economic sectors and attract foreign direct investment. Indeed, corporate taxation is being regarded by the European Commission as an increasingly important source of revenue for the island. However, this is paired with concerns that Malta’s corporate-tax rules are being exploited by companies conducting aggressive tax planning. The Maltese government is currently transposing the provisions of the EU’s Anti-Tax Avoidance Directives, which aim to prevent companies from aggressively gaming differential tax rates across EU states.

Citations:
https://cfr.gov.mt/en/inlandrevenue/personaltax/Pages/Tax-Rates—2018.aspx
Budget Speech 2013 p. 14
Times of Malta 04/11/2013 Tax exemption for first-time property buyers announced
Times of Malta 03/02/2018 Second-time home-buyer scheme is rolled out
Times of Malta 22/10/2018 Budget 2019 at a glance
Times of Malta 13/10/2015 Changes in income tax
Budget Speech 2018 (English) p.17, 20, 61
https://ird.gov.mt/faq/rentalfaq.aspx
European Semester Thematic Factsheet – Undeclared Work (Updated 2017) p. 3

European Central Bank The use of cash by households in the euro area p.4
Tax Reforms in EU Member States 2012 Report p.75
Commission Staff Working Document - Country Report Malta 2016 SWD (2016) 86 final p. 14, p. 15
Commission Staff Working Document - Country Report Malta 2017 SWD (2017) 83 final p.14
Commission Staff Working Document - Country Report Malta 2018 SWD (2018) 216 final p.17, p.18
https://www.financemalta.org/sections/tax/corporate-tax-in-malta/
https://ec.europa.eu/taxation_customs/business/company-tax/anti-tax-avoidance- package_en
https://ec.europa.eu/taxation_customs/sites/taxation/files/resources /documents/taxation/company_tax/anti_tax_avoidance/timeline_without_logo.png
Malta A Regional Center for Strategic Investment and Doing Business p.4, p.5
Malta National Reform Programme 2018 p.3, p.48
Study and Reports on the VAT Gap in the EU-28 Member States:
2018 Final Report TAXUD/2015/CC/131

Budgets

#13

To what extent does budgetary policy realize the goal of fiscal sustainability?

10
 9

Budgetary policy is fiscally sustainable.
 8
 7
 6


Budgetary policy achieves most standards of fiscal sustainability.
 5
 4
 3


Budgetary policy achieves some standards of fiscal sustainability.
 2
 1

Budgetary policy is fiscally unsustainable.
Budgetary Policy
7
Budgetary developments since 2013 have demonstrated that Malta is set to meet most standards of financial sustainability. As of June 2015, Malta was no longer subject to the EU’s Excessive Deficit Procedure. Indeed, deficit levels have been decreasing steadily; the deficit fell to 2.0% of GDP in 2014 and to 1.5% of GDP in 2015. Significantly, a surplus equivalent to 1.0% of GDP was registered in 2016, and increased substantially to 3.9% of GDP in 2017, but is expected to decline to 1.1% of GDP for 2018. The European Commission has found Malta’s 2019 budget to be line with the euro area’s Stability and Growth Pact, and the country is of only 10 EU members to have passed the fiscal test.

The government is expected to maintain a surplus between 2018 and 2021. The introduction of legislation to enhance the transparency of government finances represents an additional step forward. However, the Malta Fiscal Advisory Council has advised the government to remain vigilant in view of rising forecast expenditures. The 2018 European Commission Staff Working Document on Malta’s Country Specific Recommendations also notes that public expenditure in the healthcare and pension system is expected to increase at a faster rate than that experienced by other member states, thereby creating challenges to fiscal sustainability. In terms of pensions, the document advocates increasing the retirement age and reducing incentives for early retirement. New measures in the 2019 budget are expected to reduce the fiscal surplus by 0.3% of GDP, with additional measures including the rent subsidy and free transport expected to reduce it by a further 0.2%. In all, a net surplus-decreasing impact of 0.6% is envisaged, a figure the EU Commission has deemed plausible. The government has established a Public Sector Performance and Evaluation Directorate within the Ministry of Finance, and a comprehensive spending review process has been introduced with the aim of improving expenditure efficiency. The 2018 IMF Country Report recommended that the revenues generated from the Individual Investor Program (IIP) be managed with prudence, given that they might be volatile and unsustainable in nature.

While Air Malta, a state-owned enterprise, continues to face challenges, it has recently enjoyed a stronger competitive edge than has been true for several years. Meanwhile, the country’s energy provider, Enemalta, has been given a positive review by the rating agency Standard and Poor in view of its gradual reduction of long-standing government-guaranteed debts.

Citations:
The Politics of Public Expenditure in Malta in Journal of Commonwealth & Comparative Politics, Vol. 46, No. 1, February 2008, Routledge, U.K. Maurice Mullard, University of Hull & Godfrey Pirotta.
European Economic Forecast Spring 2018 p.100, p.101
National Statistics Office (NSO) News Release 069/2017
European Economic Forecast Spring 2018 p.109
http://europa.eu/rapid/press-release_MEMO-15-4971_en.htm
Recommendation for a COUNCIL RECOMMENDATION on the 2018 National Reform Programme of Malta and delivering a Council opinion on the 2018 Stability Programme of Malta COM (2018) 417 final p.2
Malta Fiscal Advisory Council Assessment of the Fiscal Forecasts Update of Stability Programme 2018 – 2021 p. 5
Commission Staff Working Document - Country Report Malta 2018 SWD (2018) 216 final p.2
National Reform Programme Malta 2018 p.3
IMF Country Report No.18/20 p.7
The Malta Independent 11/12/2016 No more state aid for Air Malta, Brussels confirms
The Malta Independent 21/08/2018 Air Malta flights will now be sold on Ryanair after joint-venture agreement
https://www.enemalta.com.mt/news/standard-poors-reaffirms-enemaltas-sustainability/

Research, Innovation and Infrastructure

#26

To what extent does research and innovation policy support technological innovations that foster the creation and introduction of new products?

10
 9

Research and innovation policy effectively supports innovations that foster the creation of new products and enhance productivity.
 8
 7
 6


Research and innovation policy largely supports innovations that foster the creation of new products and enhance productivity.
 5
 4
 3


Research and innovation policy partly supports innovations that foster the creation of new products and enhance productivity.
 2
 1

Research and innovation policy has largely failed to support innovations that foster the creation of new products and enhance productivity.
R&I Policy
6
Given Malta’s very limited access to natural resources, the country’s business R&D sector continues to require substantial development. In previous years, Malta had one of the lowest investment levels in the EU. The National Research and Innovation Strategy highlights the need to increase the R&D knowledge base, particularly by attracting more doctoral and post-doctoral graduates to the area. Nonetheless, there have been some recent improvements, and Malta is actively catching up with the EU average. The 2018 European Innovation Scoreboard classifies Malta as a moderate innovator whose performance has increased relative to that of the EU since 2010. The 2018 European Commission Malta Working Document also highlights the fact that, “improvement in the R&D performance is partly due to sustained efforts by the public authorities to build an R&D system based on indigenous strengths, involving several policy measures to support the emergence of an innovation ecosystem and innovative firms.” Nonetheless, the document highlights the fact that structural factors are still hampering the growth of R&D-intensive firms. It adds that intellectual assets and attractive research systems are the strongest innovation dimensions, while finance, support and dimensions are the weakest such dimensions.

A better innovation ecosystem would enhance the capacity of innovative companies to scale up their activities; thus, the government has devised a rolling research and innovation action plan that is intended to reduce fragmentation and overlap. Esplora, Malta’s Interactive Science Center, aims to instill a broader interest in science and innovation. Other significant actions include the FUSION program, which focuses on the analyses of companies’ or researchers’ ideas for commercial viability purposes, the introduction of research clusters (e.g., Malta Marittima), the research framework administered by the Malta College of Arts, Science and Technology (MCAST), the research trust, the Centre for Entrepreneurship and Business Incubation (CEBI) within the University of Malta, the MITA Innovation Hub, and the Malta Life Sciences Park, which provides high-end facilities for the chemistry, biology and digital-imaging sectors.

Citations:
Times of Malta 01/12/17 “Very little being spent on research despite surplus”
Malta Independent 02/12/17 Malta holds position as one of lowest spenders on R&D in the EU
National Research and Innovation Strategy 2020 p.18
European Innovation Scoreboard 2018 p.67
European Semester Thematic Factsheet - Research and Innovation p.9
Commission Staff Working Document - Country Report Malta 2018 SWD (2018) 216 final p.33
http://esplora.org.mt/
http://mcst.gov.mt/ri-programmes/fusion/
National Reform Programme Malta 2018 p. 34
https://www.maltaenterprise.com/industries/life-sciences

Global Financial System

#20

To what extent does the government actively contribute to the effective regulation and supervision of the international financial architecture?

10
 9

The government (pro-)actively promotes the regulation and supervision of financial markets. It demonstrates initiative and responsibility in such endeavors and often acts as an international agenda-setter.
 8
 7
 6


The government contributes to improving the regulation and supervision of financial markets. In some cases, it demonstrates initiative and responsibility in such endeavors.
 5
 4
 3


The government rarely contributes to improving the regulation and supervision of financial markets. It seldom demonstrates initiative or responsibility in such endeavors.
 2
 1

The government does not contribute to improving the regulation and supervision of financial markets.
Stabilizing Global Financial System
7
Malta is a small economy and as such is not a principal actor in the regulation of financial markets. However, it possesses consolidated links with regional and international organizations which help it through shared intelligence, to combat high-risk or criminal financial activities, ensuring fair cost- and risk-sharing among market actors when a market failure occurs or is likely to occur, and to enhance information transparency in international markets and financial movements. The Central Bank of Malta, Malta Financial Services Authority (MFSA) and Ministry of Finance collaborate closely with similar bodies abroad.

The Central Bank of Malta operates within the European System of Central Banks. Malta is also a member of MONEYVAL, a European committee of experts evaluating anti-money-laundering measures. Supranational regulatory regimes have strong influence on Maltese banking regulations. For instance, the 2014 European Bank Recovery and Resolution Directive was transposed into Maltese law in 2015. In the same year, the Central Bank of Malta introduced the concept of a central credit register, which is “a database which contains non-anonymous information, debtor exposure-by-exposure, of both legal and natural persons, provided by resident credit institutions (banks) licensed by the MFSA,” and which requires Maltese banks to report end-of-month balances of exposures exceeding €5,000.

The government established the Financial Intelligence Analysis Unit (FIAU), under the Prevention of Money Laundering Act, to help combat high risk or criminal financial activities. The FIAU is responsible for the collection, collation, processing, analysis and dissemination of information with a view to combating money laundering and the funding of terrorism. The unit is also responsible for monitoring compliance with the relevant legislative provisions as well as issuing guidelines to curb money laundering. Although the FIAU forms part of the Ministry for Finance, the unit functions autonomously and has a separate judicial personality. Throughout its years of operation, the FIAU has signed MoUs with other FIAUs, and spearheaded the transposition of the EU’s Fourth Anti-Money Laundering Directive into Maltese law. The new regulations came into force in 2018; among other provisions, they provide for the establishment of a National Coordinating Committee, which brings together all key governmental stakeholders and authorities in the area. The Maltese police forces also include an Economic Crimes Unit and National Counterfeit Unit. However, these remain relatively weak, and there have been few convictions or sanctions for money laundering.

Policies within the Maltese financial sector have recently raised concerns at the European and international level, and the sector has been accused of being slow to react to problems i n a number of cases. The Standard and Poor’s credit-rating agency recently highlighted increased reputational and operational risks within the Maltese banking sector, and increased the country’s risk level by two points on its 10-point scale. The European Banking Authority (EBA) has also found Malta to be in breach of the Anti-Money Laundering Directive; in response, MFSA has already started to implement a number of key strategic initiatives aimed at strengthening the Authority’s supervisory capacity and regulatory performance. These include: “Reviewing and improving internal authorization procedures to strengthen the engagement between the Financial Intelligence Analysis Unit (FIAU) and the MFSA’s anti-money laundering (AML) team; reviewing and improving protocols for cooperation with the FIAU for conducting supervision of credit institutions both during authorization and on an on-going basis; process Improvement and digitization of procedures and knowledge management for conducting due diligence and fit and proper checks both during authorization and throughout the licensee’s lifecycle; integrating AML and combating the financing of terrorism (AML/CFT) risks in the risk-assessment framework and in the business-model analysis of banking supervision at the MFSA; reviewing the organization of financial supervision to further integrate AML/CFT risks into prudential supervision.” It is also looking to increase its human resources substantially, especially with regard to supervisory positions. In October 2018, the MFSA also issued guidance notes to politically exposed persons to strengthen its AML procedures.

Citations:
www.mfsa.com.mt/pages/viewcontent.aspx?id=136
https://www.centralbankmalta.org/ relations-with-international-institutions
Times of Malta 26/10/2015 The impact of the European Bank Recovery & Resolution Directive
The Malta Independent 16/04/2015 Central Credit Register to become operational by October
https://www.centralbankmalta.org/ccr
https://www.coe.int/en/web/moneyval/moneyval-brief/members
http://www.fiumalta.org/about
https://www.financemalta.org/publications/articles-interviews/articles-and-interviews-detail/prevention-of-money-laundering-and-funding-of-terrorism-regulations-2 017/
http://www.fiumalta.org/library/PDF/misc/Bill_ENG.pdf
The 4th Anti-Money Laundering Directive, An Academic Analysis. A Policy paper by ELSA Malta’s Social Policy Organizing Committee
The Malta Independent 23/12/2017 Malta transposes EU’s Fourth Anti-Money Laundering Directive
https://pulizija.gov.mt/en/police-force/police-sections/Pages/Economic-Crimes-Unit.aspx
Reuters 14/11/17 Murder and Money Laundering in Malta
https://www.imf.org/en/News/Articles/2017/11/17/ms111717-malta-staff-concluding-statement-of-the-2017-article-iv-mission
The Malta Independent 11/10/2018 Worlds apart: the parallel worlds of EBA and FIAU
The Malta Independent 02/08/2018 Updated: Malta’s banking sector reputation ‘could be at risk’ - Standard & Poor’s
Malta Today 14/10/18 supervising the supervisors
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