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2 NEWS 10.3.2022 THE Gozo Business Chamber (GBC) has issued a document outlining the key priorities for Gozo for the next leg- islature. It said the COVID-19 pandemic has shown that Gozo, now more than ever, needs to diversify its economy. Its in- herent structural economic problems have been significantly exposed by the pandemic showing its over-reli- ance on sectors such as tourism, con- struction and real estate. e key priority areas being outlined by the Chamber are the following: Accessibility Accessibility remains key if Gozo is to move ahead in the coming years. Strategic and priority areas in this di- rection include: • e subsea tunnel between Gozo and Malta • A more modern and cleaner ferry to substitute the present fourth ferry operating between the two islands • Regulating the present fast ferry service between the two islands to ensure that the level of service is maintained • A rural airfield for Gozo • Ensuring that the Port of Mġarr is expanded to cater for all the types of maritime services be- tween the two islands • Ensuring the adequate trans- port of goods through dedicated maritime links between the two islands. Other points on the main island of Malta besides Ċirkewwa should also be con- sidered The environment One of Gozo's key priority areas is the environment. Gozo's natural offering is one of its key selling points. Nonethe- less the rampant construction and the lack of adequate design and plan- ning policies have severely damaged substantial parts of the island. e key priority areas outlined by the Cham- ber: • Specific regional planning, spa- tial and design policies for Gozo • Gozo achieving carbon neutrality prior to Malta creating a strong basis for the creation of a green economy on the island through projects and initiatives which create added value to the Gozo and national economy • Gozo acting as a test bed for the deployment of new technologies targeted towards reducing the carbon impact on the whole na- tion • Linking effectively research with the green economy in Gozo Essential infrastructural projects for Gozo Similarly to the discourse on the sub- sea tunnel, the Chamber considers that there are important infrastructural projects which are necessary for the is- land of Gozo to continue to move for- ward. ese should include: • Parking facilities in Victoria • e construction of the Marsal- forn breakwater • A new hospital for Gozo Digitalisation Digitalisation should be a key enabler that should see Gozo creating econom- ic niches which on the main island of Malta have already taken shape. e key priorities in this area should in- clude: • A clear strategy for the setting up and development of the Digital Economy in Gozo • A specific investment incentive package targeted towards com- panies in the digital sector set- ting up in Gozo Tourism Efforts in this sector need to focus not only on marketing but also on strengthening the tourism product especially in niches which in Gozo have showed significant potential for growth. ese include niches such as sustainable, walking, cultural and rel- gious tourism. e key priorities in this area should include: • Clear Strategy and Actions to at- tract foreign inbound tourism • Clear Actions to strenghten spe- cific tourism niches in Gozo Gozo Business Chamber lists key priorities for next legislature ahead of election UBO should never become a mere 'box- ticking exercise' – MFSA CHALLENGING why corporate structures were set up with complex vehicles was highlighted as one of the most important aspects in the analy- sis of ultimate beneficial ownership, which should never become a mere "box-ticking exercise", the deputy head of Conduct Supervision at the Malta Financial Services Authority, Petra Camilleri, stressed. Camilleri said that while it is impor- tant to ensure compliance with legal requirements, it is fundamental to look beyond the percentages and defi- nitions of what qualified someone as an ultimate beneficial owner (UBO). She was speaking at a webinar or- ganised by consultancy firm Sigma Risk, which brought together Carme- la Umbro from the Malta Financial Intelligence Analysis Unit, Geraldine Spiteri Lucas from the Malta Business Registry (MBR), Stefan-John Barry from the Malta Association of Com- pliance Officers, Silvio Chetcuti from the Bank of Valletta, and Pekka Dare from the International Compliance Association. The MBR maintains the UBO reg- ister for companies, foundations and associations, while the MFSA is re- sponsible for the UBO register for trusts. The registers were one of the deliverables resulting from legislation transposing EU directives aimed at fighting money-laundering and the funding of terrorism, and are contem- plated in the FATF standards. One of the ongoing developments of EU legislation is the creation of an EU platform where all the registers of the EU Member States will be inter- connected – with Malta being one of the first jurisdictions to reach an ad- vanced stage of this development. Almost 200 participants heard that while the ultimate beneficial owner had to be identified, the onboarding subject person – such as a corporate service provider or bank – also need- ed to verify the facts, and to instil in its onboarding officers the need to ask 'why', as well as to follow any red flags even when a person purporting to be the beneficial owner, according to the strict definition of a UBO, seemed straightforward and innocuous. Barry made the point that control of an entity was much more impor- tant than shareholding: "It is all about understanding who you are dealing with." He also suggested that the register should log the history of the compa- ny's ownership as this might make it easier to spot red flags. Spiteri Lucas also informed the au- dience that more functionalities were being added to the register, allowing more targeted searches.

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