Issue link: https://maltatoday.uberflip.com/i/1529221
7 maltatoday | WEDNESDAY • 13 NOVEMBER 2024 NEWS JAMES DEBONO jdebono@mediatoday.com.mt A new application has been presented next to a medieval chapel in Dingli along a con- troversial new road constructed by Infra- structure Malta three years' ago. The latest application in Triq il-Kapella Medjevali was presented by land owner Brian Azzopardi for a five-storey block of nine flats with a pool on roof level. Most of the site currently consists of agri- cultural land and abuts on a neighbouring afforested area. In their application, the proponent of the project declares that no trees will be uprooted. This is the second development applica- tion to be filed since the new road was con- structed in 2021. At the time, Moviment Graffitti had warned the new road would clear the way for more development in the environs of the historic chapel. Infrastruc- ture Malta had said the road was needed to provide access to fire engines and emer- gency services. The first application for a block of flats was presented in October 2023 by Angel- ica Stafrace. Although located within the develop- ment zone, construction in this area was previously hampered by the absence of any road access. In August, the Superintendence for Cul- tural Heritage had objected to the applica- tion presented by Stafrace because this will have an overbearing impact on a medie- val chapel. But the Superintendence left a window open for development in the open space around the chapel, by saying that it "may consider" a development that does not exceed three full floors without a pent- house level. Following the SCH's objection the architect of the project had requested a suspension of this application but no new plans have been presented so far. The two proposed residential blocks are located within the buffer zone of the Santa Duminka chapel. The chapel enjoys Grade 1 protection, and the proposed developments are just 17m to 26m away. The works on the new road in 2021 were carried out in the absence of planning per- mits because it had been included in local plans after being schemed in the 1960s and because a legal notice dating back to 2008, exempts state bodies from seeking permits for the development of schemed roads. Second application presented next to Dingli's medieval chapel Photo montage of development proposed on adjacent site presented in another application filed last year THE Malta Financial Services Authority is proposing an en- hancement to its current regu- latory framework for Company Service Providers (CSPs), which also covers the provision of di- rectorship and company secre- tary services. The improvements being pro- posed are outlined in a Consul- tation Document and aim to ensure compliance with Malta's international commitments, whilst simultaneously adopting a more proportionate regulatory approach. The evolution of the CSPs framework In 2019, the MFSA initiated a comprehensive reform of the CSPs sector, drawing on years of regulatory experience and in- corporating recommendations from international bodies such as the Financial Action Task Force (FATF) and MONEYVAL. The reform mainly consisted in the removal of exemptions previously available to certain professionals, including lawyers and accountants, such that these become subject to authorisation under the new Act. CSPs are considered to be the gatekeepers to the financial sys- tem, often being the first point of contact for persons seeking to set up their operations in Malta. They play a crucial role in pre- venting criminals from infiltrat- ing the jurisdiction and from using legal entities to conceal the ownership of illicit assets. MFSA's CSP reform has posi- tively instilled a compliance cul- ture within the newly authorised population and continued to en- hance governance and risk prac- tices across the whole sector. The newly proposed enhancements Currently, individuals involved in up to two entities as directors or company secretaries do not require any form of authorisa- tion from, or registration with, the MFSA. In order to have visibility of this population and evaluate the risks it poses for the jurisdiction, the MFSA is proposing that these individuals submit details relating to the po- sitions that they occupy, under a new Notification regime. With this information in hand, the MFSA will be able to conduct a risk assessment and propose a way forward on any mitigating factors to adopt in relation to these individuals. With proportionality in mind, the MFSA is also proposing a separate improvement to a spe- cific class of CSPs currently pro- viding directorships and com- pany secretary services in up to 10 involvements. In view of the limited activity that can be un- dertaken, a simpler and stream- lined application process is be- ing proposed, whereby certain requirements will not be consid- ered mandatory. Additionally, the MFSA is proposing a more consolidated and efficient ap- proach for collecting data from these 'Registered CSPs', with one annual return to be submit- ted, for both MFSA's and FIAU's purposes. The consultation period ends on 15 November 2024. Inter- ested parties are encouraged to submit their feedback on the proposals made by the MFSA on cspreform25@mfsa.mt MFSA proposes enhancements to framework regulating company directors and secretaries