The 5th Anti-Money laundering directive has been adopted and entered into force on 9 July 2018 and should be fully implemented into national law by the various Member States into their national legislation by 10 January 2020
The Council of the EU has just reached an agreement to work on a directive intended to tackle cross-border tax planning. This agreement was reached on 13 March 2018 at a meeting of the Economic and Financial Affairs Council. The fundamental idea of the directive is to pre-empt tax planning schemes detrimental to the interests of the EU’s member states before they are actually implemented.
On 13 March 2018, the Council of the EU published its latest amendments to its list of non-cooperative jurisdictions in matters of taxation. Changes include the removal of Bahrain, the Marshall Islands and Saint Lucia, and the addition of the Bahamas, Saint Kitts and Nevis, and the US Virgin Islands.
The Fourth Anti-Money Laundering Directive has been transposed into Maltese law by virtue of amendments to the Prevention of Money Laundering Act, the enactment of new regulations under said act, and through the publication of various regulations intended to set up beneficial ownership registers for companies, trusts, associations, foundations and other legal entities.
The Commission has welcomed the entry into force of new rules obliging Member States to give tax authorities access to data collected under anti-money laundering legislation.
Today's proposals aim for a coordinated EU wide response to corporate tax avoidance, following global standards developed by the OECD last autumn.
Malta has seen direct economic contribution by its Financial Services sector nearly double in the five year period ending in December 2012.