Companies which report their financial statements under IFRSs, and are undergoing their 2019 audit, must now comply with the new lease standard – IFRS 16. This standard, which came to effect as from 1st January 2019, will require companies to bring most, if not all, of their leases on-balance sheet.

The novel COVID-19, which has been officially declared as a pandemic by the World Health Organisation, has brought with it concern and uncertainty for everyone. Inevitably, it resulted in a disruption to the operations of business and most organizations are now struggling with unprecedented financial and economic realities.

As you are aware, the country is going through unprecedented times, which are requiring unprecedented action of us. We shall not forget the experience we are living very quickly. At this juncture, I feel duty-bound to write to you today to inform you of the latest updates.

Over the past year, the Cypriot Citizenship by Investment (CIP) scheme has endured a thorny chain of events which ultimately led to its very recent suspension. From the tough berating of the European Union, to the decision (and ultimate failure) of the Cypriot authorities to revoke the passports of its 26 rogue investors – the “golden passport” scheme has been at the centre of controversy for stakeholders in the citizenship-by-investment arena.

An REQ (‘risk evaluation questionnaire’) is an annual regulatory submission related to Anti-Money Laundering. In 2019, the first year of the REQ, organisations generally struggled with the deadline and the FIAU sent no less than 207 letters to subject persons who had failed to submit in time!

On 5th February the MFSA published a discussion paper containing proposals to update Malta’s corporate governance framework. Once implemented, the new measures will apply to locally licensed and listed entities. This paper is a serious attempt to address some of the issues which are most prevalent in Malta businesses.