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4 NEWS 4 maltatoday | WEDNESDAY • 4 DECEMBER 2024 MFSA paves way for the establishment and growth of single family offices in Malta THE Malta Financial Servic- es Authority is seeking to fa- cilitate the establishment of Single Family Offices in Malta through amendments carried out to its framework. These are structures that are most often used as a one-stop shop by high-net-worth fami- lies, to manage their financial affairs and help them pre- serve, grow and transfer their wealth across generations. Single Family Offices typ- ically offer a wide range of services including investment management, estate planning, philanthropic activities and lifestyle management to the family they service. The national strategy for fi- nancial services has identified Single Family Offices as a new opportunity area for Malta, setting in motion several dis- cussions among key stake- holders. The MFSA collaborated closely with the Malta Finan- cial Services Advisory Coun- cil and is now updating its regulatory framework to fa- cilitate the setting up of these structures in Malta. The updates to the regulato- ry framework namely consist- ed of amendments applied to the Investment Services Rules for Notified Professional In- vestor Fund and Related Due Dili-gence Service Providers, as well as to the Trustees of Family Trusts Rulebook. Commenting on the amend- ed Rules, Dr Michael Xuereb, Chief Officer, Strategy, Policy and Innovation, MFSA stated: "Family office set-ups may at times incorporate structures that are subject to regulato- ry approval or notification. Given that Single Family Of- fices have been identified as a growth opportunity in Malta's National Financial Services Strategy, the MF- SA has teamed up with the Malta Financial Services Ad- visory Council and other in- dustry representative bodies to streamline its regulatory frameworks and further facil- itate the set-ting up of Single Family Offices in Malta." PROCEEDINGS against Paul Borg, a 68-year-old man from Żebbuġ charged with the at- tempted murder of Mario Grech, kicked off on Tuesday in front of Judge Consuelo Scerri Herrera. The case goes back to 12 Sep- tember 2020 when at around 10:30am at a residence in Żeb- buġ, the victim was sitting in the courtyard of his son's residence doing some works on the ladder on a wall separating the property from that of the accused. Borg allegedly climbed onto the roof leading into the courtyard where Grech was working and threw two bricks in his direction. Experts said that if Grech had not avoided the bricks and changed the position he was in, with the power and speed of the brick thrown, it would certainly have killed him. Borg is facing a total of five charges, among them attempt- ed murder and resisting orders from police. The prosecution is also accus- ing Borg that about a year earlier, he stabbed Grech with a broom stick. Grech suffered several in- juries to his brain and, when he was on the ground, Borg's wife and son allegedly continued to beat him in various parts of the body with their fists and feet. In total, Borg is facing five charges, among them Grech's attempted murder as well as attacking and resisting orders from police officers. The prosecution is being led by Lawyer Ramon Bonett Sladden and Abigail Caruana Vella on behalf of the Attorney General's Office. Lawyers Edward Gatt and Mark Vassallo are appearing for Paul Borg, the accused. Lawyer Arthur Azzopardi is appearing parte civile. POLICE have arrested four in- dividuals suspected of drug traf- ficking over the weekend. In a statement on Tuesday, police said that a 28-year-old man from Somalia was arrested in Paceville after offering to sell cannabis to plainclothes police. He was found in possession of packets of cannabis. The man was subsequently ar- raigned and charged with drug trafficking, aggravated posses- sion and recidivism, to which he pled guilty. He was sentenced to a fine and 18 months in prison. Meanwhile, a 23-year-old So- malian man and a 24-year-old man from Algeria were also ar- rested over the weekend. Police said that they were stopped and searched in St Julian's, where they were found to be in pos- session of cannabis. Police did not say how much cannabis was found. Separately, during a patrol in Paola, a 19-year-old Mqabba resident had his car searched, leading the police to discover a package of cocaine. The police said that it will con- tinue to work against drug traf- ficking. JORDAN PACE jpace@mediatoday.com.mt Jury trial kicks off against man charged with attempted murder Police arrest four suspected drug traffickers over the weekend