Insights

Stephen Attard, the partner responsible for the Tax and Corporate Finance practice at GANADO Advocates, was a speaker during a panel discussion held at a Seminar organised by the Malta Bankers’ Association on “Combatting Financial Crimes – Protecting Malta’s economy”. The Seminar was held on 9 June, 2016 at The Westin Dragonara Resort in St. Julian’s.

During the panel discussion, Stephen outlined some of the difficulties which international operators were facing when trying to open bank accounts within the Maltese banking system. Whilst recognising the importance that Malta retains its standing as a well-respected and well-regulated financial services jurisdiction, he emphasised the importance for international clients to be able to make use of Maltese bank accounts for their Malta-based operations, especially as substance in Malta has become increasingly relevant for such operations. Stephen recommended that the banks adopt a more risk-based approach in their on-boarding of clients rather than a “one size fits all” approach.