MaltaToday previous editions

MALTATODAY 8 September 2019

Issue link: https://maltatoday.uberflip.com/i/1163844

Contents of this Issue

Navigation

Page 51 of 55

COMMERCIAL 20 maltatoday | SUNDAY • 8 SEPTEMBER 2019 MONEY laundering and terror- ist financing techniques evolved extensively in recent years. Modern technology has given birth to innovative payment solutions and greatly facilitated the international flow of funds. In parallel, unfortunately, it has inspired the creation of in- creasingly sophisticated mod- ern-day criminal techniques used to continuously seek to exploit new vulnerabilities. In- deed, while traditional money laundering techniques will con- tinue to represent a threat for the financial system for years to come, the global shift towards a digital economy creates new op- portunities for the execution of illicit transactions. In this scenario of heightened risks, together with the expo- sure of various high-profile money laundering and terror- ism financing cases, have given rise to an unprecedented scru- tiny by both international and local regulators. Over the years, anti-money laundering legislation has been consistently renewed to address emerging risks. Since 2015, we have yet another string of leg- islative and regulatory amend- ments. The adoption of the 4th EU Anti-Money Laundering Directive (4AMLD) across all EU Member States in 2017 re- sulted in a major shift towards a risk-based approach to money laundering prevention and de- terrence. This critical milestone is by no means the end of this legislative journey as further change continues to be in pro- gress. The European Union has al- ready approved two new di- rectives, the 5th and 6th Anti- Money Laundering Directives, both of which are to be trans- posed into national legislation in 2020. These directives seek to promote greater transparen- cy, strengthen the fight against terrorist financing and address national differences in the defi- nition, scope and sanctioning of money laundering offences. More specifically, measures to be introduced by these new directives include greater ac- cess to beneficial ownership registries, lower thresholds for customer due diligence on electronic money products, ex- tension of the subject persons definition to include virtual currencies providers as well as a harmonized list of twenty- two predicate offences. In view of increased cross-border crim- inal activity, these directives will also introduce several new measures aimed at improving co-operation between financial supervisory authorities within the EU. What is the role of subject per- sons in this dynamic legislative and regulatory environment? They are widely considered as gatekeepers of the economy and obliged to prevent and deter the use of financial instruments for criminal purposes. As a result, anti-money laundering has been and will remain at the top of the Board's agenda for the foresee- able future. Making the right investment in resources and technology is a key priority. In anticipation of the 5th and 6th Anti-Money Laundering direc- tives' transposition into local legislation, subject persons need to proactively consider the im- pact of these directives on their operational and compliance programs to ensure a smooth transition. For more information on this topic join EY Malta's CPE Ac- credited training event on Anti- Money Laundering Compliance: The NextWave on September 30, 2019 from 13:45 – 17:15 at EY's Connect Centre, Msida. Kindly send an email to events@ mt.ey.com to confirm your at- tendance. Admission fee for this session is €59 (incl. VAT). Anti-money laundering compliance: The NextWave PIZZA Hut has once again launched the promotional cam- paign that ensures everyone is a winner. Throughout August and September 2019 anyone dining at any Pizza Hut Malta restaurant and spends €10 or more will re- ceive an envelope with a guaran- teed gift. The mechanics are easy… dine at any Pizza Hut restaurant or order a take-away or delivery on www.piz- zahut.com.mt and you will receive a sealed envelope. Return to dine at Pizza Hut in October and Novem- ber with your sealed envelope and the manager will open your enve- lope to reveal your prize. "This year we have partnered with Forestals, our main sponsors for the campaign. We are proud to be giving away an iPhone XR, So- ny TV, iRobot Roomba Vacuum Cleaner, Segway Electric Scooter, KitchenAid Mixer, and PlaySta- tion Pro + game package," said Pizza Hut Marketing Executive, Mikhail Schembri. Apart from the above grand priz- es Pizza Hut is also giving away Pepsi and Cisk Pitchers, meal vouchers and various other prizes. Kurt Micallef, Business Manager at Food Chain Limited, added that "Pizza Hut is happy to be reward- ing customers for their loyalty to the brand through its promotional campaigns." Visit www.facebook.com/pizza- hutmalta for full details and terms and conditions. Food Chain Limited, member of the Farsons Group, is operating franchisee for Pizza Hut Malta. 'Everyone's a winner' at Pizza Hut "MIDDLE level Managers tend to have a wealth of experience in handling day to day management and are ready for far greater challenges." This was stated by Paul Gauci, Execu- tive Training at Bank of Valletta during 'Think: Leadership', an event organised by the Malta Institute of Management as part of an Erasmus+ project entitled Leadership for Mid-level Managers (LMM)- No2018- KA204-049325. The LMM project is a consortium of Ro- manian, Polish, Italian and Maltese entities whereby its key objective is to develop a best practice approach on the profession of Mid- level Management. "Making up the largest managerial layer in an organisation, the middle manager is cru- cial in the smooth operations of the compa- ny," Gauci said. Demonstrating the personal process of change mastery through participative exer- cises, Gauci highlighted how this is critical to enhance organisational change. Finally he emphasised the role of middle managers to act as change catalysts - enabling and leading change through role modelling. Bank of Valletta's Training Centre pro- vides bespoke and specialised training pro- grammes to the Bank's staff and regularly shares its expertise with other organisations that are seeking continuous development by providing the necessary training to enhance performance within an ethics-driven culture. The potential of the middle manager

Articles in this issue

Links on this page

Archives of this issue

view archives of MaltaToday previous editions - MALTATODAY 8 September 2019