CSB Advocates

Further to Malta’s ratification of the Maritime Labour Convention (MLC) on 18th of January 2013, the Merchant Shipping Directorate has announced that the Convention will enter into force on 20th of August 2013.

In view of the AIFMD coming into force on 22nd July 2013, Category 2 Licence Holders authorised to provide investment management services to collective investment schemes; Self-Managed Retail Non-UCITS Schemes; and Professional Investor Schemes licensed in terms of the Investment Services Act, 1994 (the “Act”), will be issued with a revised licence to operate as AlFMs, unless they opt for the ‘de minimis’ classification in accordance with the provisions of the AIFMD.

India and Malta renegotiated the Double Taxation Avoidance Agreement (DTAA) between the two countries with the intention of aligning to changes in domestic laws.

The Maltese government has announced that it will be re-launching the permanent residence scheme by the end of May. This scheme was suspended by the previous government in December 2010 after a series of abuse on the system.

The 2013 amendments to the VAT legislation brought about changes to the place of supply rules in relation to long-term leases of yachts (leases for more than 90 days) to a non-taxable person.

On the 16th April 2013, Fitch Ratings issued a statement regarding a special report published by Fitch, highlighting the main differences between the Maltese and Cypriot banking systems and concluded that these differences far outweigh the similarities and that, as such, ‘Malta Does Not Face Same Bank System Risks as Cyprus’ meaning the Maltese banking sector does not present the same level of risk to the sovereign that was seen in Cyprus.

Google has long provided the service of blocking search results in pursuance to website takedown requests.

On 27th March 2013, the Permanent Representatives Committee approved the compromise text on the Capital Requirements Directive, better known as the “CRD 4” package proposed to amend and replace the existing rules on capital requirements, applicable to banks and certain investment firms. The new proposals come in the form of a Directive that governs access to deposit-taking activities and a Regulation that establishes the prudential requirements that institutions need to respect.

In the EU, the “right of access” to one’s personal data has existed for over a decade. The US, on the other hand, seemed to be moving in a vastly different direction.

On the 22nd March 2013, the Malta Financial Services Authority (MFSA) issued a Consultation Document on the proposed rulebook applicable to De Minimis Licence Holders in terms of Article 3 of the Alternative Investment Fund Managers Directive (‘AIFMD’), which provides for exemptions and lays the foundations for the said de minimis regime.

The internationally recognised regulator of web addresses Icann (Internet Corporation for Assigned Names and Numbers) is constantly seeking new ways to avoid abusive use of domain names. One of the more common abuses is that of cybersquatting, the act of registering domain names consisting in somebody else’s trademark in order to make gains of that trademark’s reputation. There are several types of cybersquatting, however this is the most common.

Following the issuance of the consultation paper on the 03rd September 2012 with respect to the proposed transposition of certain requirements of the Alternative Investment Fund Managers Directive (“AIFMD”) and as part of the transposition by Malta of the AIFMD, on the 08th March 2013 the MFSA published the following legal notices in the Malta Government Gazette

The concept of the Community Trademark (CTM) has long been considered very straight-forward in its approach. The common understanding is that it gives protection of a trademark applicable to all 27 Member States of the EU. Naturally, this could be easily abused if a CTM were registered and only used in one Member State.

When we think about creativity in the field of technology, we normally think about the U.S. and Japan. The European Union Commissioner for technology and the digital agenda Neelie Kroes is now actively trying to challenge this notion. Few people realize, for example, that Angry Birds and Skype were actually created in Europe. These may not trump the prolific success of Silicon Valley, but they are certainly a start.

For over a year, Microsoft has been under the watch of the EU Commission regarding a perceived breach in EU competition law due to their “Windows” operating system being shipped with a pre-loaded internet browser.

The EU has long been considering the implementation of frameworks and legal solutions to address mounting concerns in regard to cyber security. In addition to the introduction of a new strategy in this regard, the Commission made a proposal in February 2013 to introduce a directive to facilitate the creation of a harmonized network and to standardize information security throughout the EU.

After a series of debates spanning around forty years, the EU has finally approved the new unitary patent system as of 19th of February, 2013.

Spurred by the belief that the role of directors is vital for the proper operation of an investment fund and aware of claims that directors of such entities failed to properly react to the global financial crisis, the MFSA has recently issued the Corporate Governance Manual for Directors of Investment Companies and Collective Investment Schemes (the “Manual”).

The recent increase in maternity leave has created strong views, unsurprisingly divided into two broad categories: those who insist that the increase of the maternity leave to 18 weeks was essential and inevitable, and those who feel that the extended maternity leave will prove to be too much of a financial burden for the employer.

Chasing payment of dues is a mundane yet critical element of every business process. Hugely time consuming, it could expose any activity large or small to counter-party risk, even more so in times of economic crisis.

The Malta Financial Services Authority has issued a Circular addressed to the investment services industry regarding the Prevention of Money Laundering and Funding of Terrorism (Amendment) Regulations 2009, following the revision of Part I of the Implementing Procedures which changes are being introduced through the inclusion of a new Chapter 9 and additional paragraphs to Section 6.1 of the Implementing Procedures.

On 8th February 2013, the International Organization of Securities Commissions (IOSCO) published a consultation paper on recommendations regarding the protection of client assets – Consultation Report CR02/13.

Jim Walker, an internationally known maritime lawyer and cruise safety advocate, has prised Malta for “standing up to the cruise industry”.

EU Application (App) developers for smartphones and tablets are anxiously awaiting new guidelines from the Article 29 Working Party which is composed of representatives from all national EU data protection authorities.

The European Union has spent a good number of years trying to consolidate bloc-wide intellectual property regimes to improve the efficiency of the Single Market.

The Government of Malta has deposited with the International Labor Office of the United Nations, the instrument of ratification of the Maritime Labor Convention, 2006 (MLC, 2006) on 18th of January 2013 in Geneva.

On the 14th January 2013, Neelie Kroes, in her capacity as Commissioner responsible for telecommunications within the European Union, issued a statement that the EU will dedicate this year to introducing reforms in the regulation of the pan-European telecoms market.

The software giant Google has recently come under scrutiny from both the US Federal Trade Commission (FTC) and the European Union Commission for suspected anti-competitive behaviour. It was initially being suspected that Google was doctoring search results in a manner that would prejudice its competitors.

On the 5th of December 2012, the Commission of the European Union announced that it will begin the process of reviewing existing EU copyright laws. The aim of this review is to better define what is considered fair use of copyrighted material on the internet. This, in turn, would further clarify what constitutes piracy on the web.

On the 3rd of July, 2012, the European Commission adopted a proposal for the revision of the Insurance Mediation Directive (“IMD”) which is part of a wider legislative package focusing on consumer protection related issues.

The Financial Services Chief of the European Union Michael Barnier declared on the 27th November 2012 that credit rating agencies are to follow stricter rules so as to make them accountable for mistakes in case of negligence or intent.

The concept of a joint venture has been a difficult issue for legislators and legal professionals alike since time immemorial. Every time a joint venture is created a great variety of issues arise, primarily with respect to the way that such a joint venture will affect the market from the perspective of competition.

Samsung have been successful in their petition to the courts to compel Apple to disclose the contents of the settlement it made with HTC.

According to a Circular issued by the Malta Financial Services Authority (MFSA) on the 30th October 2012, addressed to the investment services industry, the MFSA is in the process of finalising the relative rules on cross sub-fund investments to be included in the Investment Services Rules for Professional Investor Funds.

In terms of a Circular addressed to the investment services industry issued by the Malta Financial Services Authority (MFSA) on the 12th November 2012, the Authority amended the information available on the Q&A section of its website in relation to Recognised Incorporated Cell Companies (RICC).

Apple’s on-going patent wars have made new developments. In the wake of the recent litigations with HTC, it appears that Apple has actually chosen to licence some of their patents to HTC.

A group of American TV providers have recently sued Dish Network, a satellite television provider, for copyright infringement because of its “Autohop” service.

In 2009, Microsoft made an agreement with the European Commission, in its capacity as the pan-European antitrust watchdog that it would offer the opportunity to users to choose which web browser to use on its Windows 7 operating system. The discussions that brought about this agreement were labelled as the “Browser Wars”.

A recent Dutch court decision declared that XS Networks was complicit in copyright infringement after it failed to take down the website for “SumoTorrent” which was hosted on their servers. XS Networks had already been notified that the content on this site was illegal and therefore knew the risks of leaving it in place. This meant that it was liable for the damages caused by the sharing of the illegal content as if it were its own doing.

Service providers in the mobile and ICT sectors are currently calling for a review of the existing EU level framework concerning the protection of personal data. They have pointed out that the 2002 “ePrivacy Directive” and the newly proposed “Data Protection Regulation”, if left as they are, would create discrepancies in data protection standards that would be detrimental to industry, consumer and operator alike.

The recent media blitz in respect of precarious employment brought about the introduction of Legal Notice 44 of 2012 entitled Employment Status National Standard Order. However, neither the Legal Notice nor any other local legislation provides for a definition of precarious work. Precarious work is not formally defined in any legislation, but is associated with atypical work, low paid work and illegal work practices.

In October 2012, the Maltese Government has issued a special tax status for retirees from EU, EEA countries and Switzerland when remitting their pension into Malta. A fixed tax rate of 15% will be due on the pension remitted, and the minimum tax payable shall be of €7,500 for the beneficiary and €500 for every dependant (if any).

In the wake of the controversial law commonly called ACTA, the Maltese government has undertaken a public consultation exercise in order to enshrine “digital rights” in our Constitution. Currently, these rights are known to be the following: - The right to internet access; - The right to access information online; - The right to online freedom of expression; and - The right to exchange information online.

Under a new initiative to distance itself from anything illegal on the internet, Google has updated its search engine to eliminate “The Pirate Bay” results from its auto-complete forms. This site has stood for many years as the Tortuga of the internet, providing what is probably the most comprehensive torrent database on the internet.

In the 17th April 2012, the Companies Act (Recognized Incorporated Cell Companies) Regulations (the “Regulations”) were incorporated into Maltese law by virtue of L.N. 119 of 2012. The said Regulations are supplemented by the MFSA Investment Services Rules for Recognized Incorporated Cell Companies (“RICC”) and Incorporated Cells which have been integrated into the existing MFSA investment services regulatory framework...

A recent DMCA takedown request to the web hosting company “ServerBeach” resulted in the temporary denial of access to 1.45 million education related blogs. The notice regarded the website “Edublogs” which hosted all the blogs in question, all of which were housed on ServerBeach’s hardware. The subject of the notice was a questionnaire from 2007 which was under copyright protection in favour of a company going by the name of “Pearson”.

Patents have been the subject of some of the largest industrial claims in worldwide legal history. Only recently, we have seen that a successful patent claim over a good invention can be worth very large sums of money. Regardless, this reality is also open to abuse. In the US, the practice of having “Non-Practicing Entities” (NPE’s) register patents only to use them for legal claims has become a serious issue of concern.

The Depositor Compensation Scheme (“DCS”) has been in force since 2003 through Legal Notice 369 of 2003, following the transposition of the EU Directive 94/19/EC on Depositor Guarantee Scheme obligations amended by EU Directive 2009/14/EC, with the scope to provide a rescue fund for depositors of failed banks licensed by the Malta Financial Services Authority (“MFSA”).

In the wake of Apple’s recent announcement of the iPhone 5, the Brussels based consumer standardisation group ANEC has expressed its “dismay” at Apple’s decision to market its new product with yet another new “stand-alone” piece of technology.

A French court recently fined an individual €150 for pirating two music tracks. A French court recently fined Alain Prevost €150 for pirating two tracks by the artist Rihanna. The irony is that it was actually his wife who had downloaded the tracks without his knowledge. Unfortunately, Prevost found himself targeted by this action because he was the bill payer for the internet connection through which the songs were downloaded.

On the 3rd September 2012, the MFSA issued a ‘Consultation on the proposed transposition of certain requirements of the Alternative Investment Fund Managers Directive’ (“AIFMD”) that regulates the activity of alternative investment fund managers.

The updated provisions of the European Union’s Directive on Late Payments have been incorporated into our Commercial Code by virtue of Legal Notice 272 of 2012. By means of this Legal Notice, creditors now have the right to charge interest on late payments, equivalent to eight per cent (8%) over the European Central Bank base rate.

On the 21st August 2012 Pablo Chavez, Google’s public policy director, released a statement saying that software patents, rather than promoting innovation and creativity, are actually stifling it. He further commented that these measures have the effect of harming consumers who have less varied products to choose from on the market. This was after Motorola Mobility, one of Google’s many subsidiaries, sued Apple, demanding an import ban on the iPhone, iPad and iPod Touch.

The High Court in the UK recently rejected an appeal made by Michael Toth in regard to his loss of the domain name ‘emirates.co.uk’. Toth, who possessed an extensive portfolio of domains, such as ‘china.co.uk’ and ‘maldives.co.uk’ appealed to the high court stating that his registration of the domain ‘emirates.co.uk’ was not done abusively.

A recent EU report has concluded that cyber-security incidents have a tendency to remain unreported. This was recently concluded through statistics collected by the “European Network and Information Security Agency” (ENISA).

The most recent EU Summit held in June 2012 saw the creation of a tentative action aimed at addressing the current problems with bad banks and grossly indebted governments. This is currently being called the “Banking Union Plan”.

“Electronic Arts” (EA), best known for the FIFA series and the recent smash hit series Mass Effect has recently chosen to sue the Facebook media giant “Zynga” for copyright infringement. In the digital gaming industry, also called the video game industry in most parts of the world, the most important asset at one’s disposal is intellectual property. This stands as the basis for a series of successful products whenever a particular franchise takes off – as well as a lot of profit.

On the 11th July 2012, the European Commission presented a draft bill aimed at the elimination of music piracy as well as strengthening copyright protection for music. The main target of this bill is to ensure that companies managing music rights would pay royalties to the artists they represent in a shorter timeframe.

Further to the suspension of the Permanent Residents Scheme in December 2010, the Government of Malta has put in place a scheme for special tax status aimed at attracting internationally mobile, high net worth individuals to become tax resident in our islands and benefit from a favourable tax rate of 15% on any income remitted into Malta.

On the 17th July 2012 the European Commission announced that it had reached an agreement with internet giant ‘Google’ that would put to rest recent anti-competitive practice claims against Google. The EU has been investigating Google since 2010. This started when European search providers began complaining that Google was burying search results for products that competed with Google’s own, without disclosing the alleged bias.

Michael Barnier, the Commissioner for the single market is expected to propose serious changes to the market abuse directive (2003/6/EC) and the proposed regulation ‘on insider dealing and market manipulation’ in the near future.

The conclusion of the latest EU summit held on the 29th June 2012 brought with it a new consensus between the leaders of the Member States in the EU in regard to the idea of having an EU based patent court. The final agreement involved dividing the main functions of the courts between France, Germany and Britain, all of whom have been vying to act as the hosts of this court for a while.

It would appear analysts were correct during the Arab Spring in guessing that the Internet would be the new battleground for politicians. In recent events, American presidential candidate Mitt Romney had a campaign video of his taken down from YouTube. This has raised concerns in the United States with regard to the right to free speech, a right held in very high esteem on that side of the Atlantic.

Malta’s double taxation agreement (DTA) with Switzerland has entered into force on the 6th July 2012. This DTA was signed on the 25th February 2011 and replaces the agreement signed on the 18th December 2008 which used to be limited to the taxation of income derived from ships and aircraft.

Due to high level of content copied without website's permission, Google offers the opportunity to have the replica removed from its search listings. From a legal perspective, this is done through the enforcement of copyright. Copyright laws practically everywhere in the world provide for this sort of situation and have now allowed companies like Google to give copyright owners their due by ensuring that these infringing websites are not found through the search engine.

In a recent ruling, a Finnish District Court held that when an act of copyright infringement takes place through the use of a person’s open Wi-Fi network, by somebody other than the owner of the network, that same owner cannot be held liable for the infringing acts. The case was brought by the Finnish Anti-Piracy Centre, a coalition of intellectual property right holders. They collectively sued a woman who owned the network for €6,000.

On the 17th April 2012, the Companies Act (Recognized Incorporated Cell Companies) Regulations were incorporated into Maltese law by virtue of L.N. 119 of 2012. The said Regulations are supplemented by the MFSA Investment Services Rules for Recognized Incorporated Cell Companies (“RICC”) and Incorporated Cells which have been integrated into the existing MFSA investment services regulatory framework.

An outlook on the differences between night work, shift work and overtime in Malta employment law. The Employment and Industrial Relations Act (EIRA), Chapter 452 of the Laws of Malta, is Malta’s primary source of employment legislation. However, employees working in specific economic sectors are regulated by Wages Council Wage Regulation Orders.

With discussions on ACTA slowly reaching a point, a group of MEP’s known as the European Pirate Party (EPP) recently also issued their stance in regard to the trade agreement. In reply to the controversies that arose over the last months, the EPP released a 107 page eBook entitled ‘The Case for Copyright Reform’. The scope of this eBook is to make clear the EPP’s vision regarding the reconciliation of copyright protection and the widespread reality of digital sharing through the internet.

Update: The Agreement drawn up at EU level regulating this matter will come into force as of 1st July 2012.

A comprehensive double tax agreement between Guernsey and Malta was signed on the 12th March, 2012.

Internet has opened up new routes for unethical, abusive and opportunistic behaviour. One such form of behaviour is the practice of “cybersquatting”, which can be generally defined as the malicious registration of and dealing in domain names having third party goodwill rights or interests with a view to extorting a profit therefrom.

An outline of the Highly Qualified Persons Rules, 2011 - Managing Growth - Malta has attracted much media attention as an up-and-coming onshore financial centre, particularly since the 2008 economic slowdown.

A double tax treaty between Malta and Saudi Arabia was signed in Riyadh on the 4th January 2012.

Malta and Gibraltar signed a Tax Information Exchange Agreement (TIEA) on the 24th January, 2012. It is understood that the Malta - Gibraltar TIEA is based on the bilateral version of the OECD Model Agreement on Exchange of Information on Tax Matters.

A Tax Information Exchange Agreement (TIEA) has been signed between Malta and the Bahamas enabling a full exchange of information between the two countries on tax matters.

Following a seemingly worldwide internet protest on the 18th of January 2012, support for the controversial ‘Stop Online Piracy Act’ (SOPA) and ‘Protect Intellectual Property Act’ (PIPA) stalled abruptly as eight members of Congress withdrew their support for the bills.

The European online privacy watchdog known as the ‘Article 29 Working Party’ has called for stricter regulation on the practice of using ‘cookies’ for online advertising. A cookie is a tracking program uploaded to a computer by advertising companies in order to monitor the activities of an internet user. This, in turn, allows the advertising company to forward advertisements to the user tailored to their personal interests.

A recent vote take by the European Parliament (EP) resulted in a report causing a shift towards a more commonly adopted approach to issues arising from online gambling.

On the 24th October 2011, Syspay Ltd, under the assistance and guidance of Zammit & Associates- Advocates and CSB Group, became the first Electronic Money Institution to be licensed by the Malta Financial Services Authority (MFSA).

A double tax agreement between Hong Kong and Malta has been signed.

The Malta National Statistics Office confirmed that domestic tax revenue increased by €54.6 million in 2010 to €2,048.9 million.

A new double tax agreement between Malta and China entered into force. The new agreement replaces the previous long-standing double tax treaty between the two States and applies in respect of income or gains derived on or subsequent to 1 January, 2012.

Zammit & Associates - Advocates vessel registration fee calculator has now been re-launched, containing the new calculations lately issued by the Malta Maritime Authority. This is a free and practical tool which allows ship owners to instantly calculate the cost of registering vessels under the Malta flag.

A Convention for the Avoidance of Double Taxation has been signed by Malta and Israel. The Convention fixes maximum withholding tax rates chargeable in the source State on interest payments at 5% and on dividends derived from portfolio investments at 15%.

The EU Commission has recently presented a draft regulation with the purpose of creating a standard sales regime across the European Union.

Microsoft is currently in the process of acquiring the well known VoIP (Voice over Internet Protocol) provider Skype. This move has caused a great deal of concern to competing companies, some of which have filed objections in all applicable jurisdictions where the merger is being examined.

In a preliminary ruling passed by the Grand Chamber of the European Court of Justice on the 4th October 2011, the court laid down a variety of principles which may bring about changes for the television service market.

Malta’s finance minister Tonio Fenech announced this morning that a High Net Worth Individuals Scheme will be replacing the now obsolete Permanent Residency Scheme.

The European Commission is persisting in its efforts to bring about further accessibility to consumers roaming within its borders by further standardizing the cost of voice calls, Short Message Service (SMS) and data transfer across the European Union whilst roaming. A new roaming regulation which will be updating the current one should be announced on the 6th July 2011 The regulation must be approved by the European Parliament and the Council of Ministers before being implemented.

QROPS are Pillar II pension schemes established outside the UK and which are recognized as such by Her Majesty’s Revenue and Customs (HMRC). The administrators of a pension scheme established in Malta may apply to HMRC for formal acceptance of the scheme as a QROPS. Once approved as a QROPS, the Maltese scheme could accept funds/assets transferred from existing UK pension schemes.

Following its success in the maritime sector, Malta has undertaken an ambition to replicate that success in the area of aircraft registration. Complex aircraft finance transactions often share many characteristics with ship finance in the sense that both involve assets of great value which may be utilized to grant significant security to financiers and both industries are intrinsically international in nature. Moreover aircraft and ships require registration.

Recent amendments to the Financial Institutions Act (Chapter 376 of the Laws of Malta) (the “Act”) have effectively brought the regulation of EMIs in Malta, previously regulated under the Banking Act (Chapter 371 of the Laws of Malta), within the remit of the same Financial Institutions Act. The change has undoubtedly led to a much more attractive regime for operators looking to set up an EMI in Malta.

Royalties accruing to a person ordinarily resident and domiciled in Malta would be subject to tax in Malta – regardless of the source of such royalties. However, should non-Malta source royalties accrue to a person who is not both ordinarily resident and domiciled in Malta, such royalties would not be chargeable to tax in Malta except to the extent that they are received in Malta.

Fund managers don’t like surprises. And it is this aversion to anything unknown that has caused the more “traditional” financial centers like London, Luxembourg, Ireland and Switzerland to boom as financial centers towards which fund managers have gravitated and established themselves over the past 20-odd years.

Until a few years ago, a mobile phone consisted of a handheld device which enabled a subscriber to make and receive voice calls whilst mobile, as opposed to accessing the public telephony network from a fixed location. As technology progressed, however, both in terms of the handheld device, and in terms of the transmission capabilities on mobile networks, the mobile phone became a ‘smarter’ device, combining voice services with e-mail, fax and/or Internet access.

Considerations of (i) the procedures required for a mortgagee to enforce a registered mortgage over a Malta-flagged ship and (ii) the arresting of a vessel by a mortgagee in security of its maritime claims, giving rise to the ‘in rem’ jurisdiction of the Maltese courts.

Whilst much has been said and written both for and against the removal of barriers to the free movement of gaming services within the European Union, anyone trying to get to grips with understanding how remote gaming is regulated within the EU is bound to have a tough time in digesting the variables involved - not to mention the legal “black-holes” created by the inter-jurisdictional structuring of operators’ affairs, with different laws applying in each of these jurisdictions.

Spurred by the prosperity and solid reputation of Valletta's maritime register over the past 20 years and the increasing number of US-based owners looking towards Europe for their aircraft registration requirements, the Maltese Government is currently in the course of implementing a comprehensive legal and regulatory framework for the registration of aircraft- primarily business and private jets- on the Maltese aircraft register.

The right of all citizens to work and the state’s role in promoting the conditions to make this right effective is enshrined in Malta’s 1974 Republican Constitution. It upholds the principles of workers’ rights, including the max number of daily working hours, a weekly rest day, holidays without pay, the establishment of a min working age, gender equality, professional and vocational training, contributory social insurance and the provision of the means of subsistence for those unable to work.

An analysis of the legal implications in the case of Portugal versus Bwin and how it applies to Malta Remote Gaming Licensees.

A consideration of the salient legal and political developments that have strengthened the foundations of Malta’s remote gaming industry

Instant and free calculation of fees and tonnage tax due in respect of Malta-flagged vessels with innovative website tool

Maltese law by the Companies Act in 1995, replacing the Commercial Partnerships Ordinance originally promulgated in 1962. Drawing extensively on the UK rules, the Maltese law provisions were introduced to bring Maltese law in line with developments in company law theory and practice in Anglo-Saxon jurisdictions in this regard, primarily curbing abusive practices in takeovers and acquisitions by protecting the company’s capital and, safeguarding its shareholders, creditors and employees.

The Maltese flag has earned the confidence of several reputable ship owners, ship financiers and ship management companies as attested by the increasing registered tonnage. As at end of June 2008, the total number of Malta-flagged vessels was nearing the 5,000 mark with a total gross tonnage of over 32 million tonnes and an average age of 16.72 years. The current registered tonnage makes Malta the eighth largest maritime flag in the world and the second largest in Europe.

The right of all citizens to work and the state’s role in promoting the conditions to make this right effective is enshrined in Malta’s 1974 Republican Constitution which upholds the basic principles of workers’ rights, including:

Malta's commitment to the fight against money laundering and the funding of terrorism is firmly rooted in the country's interest in safeguarding its role as a reputable financial services centre, and buttressed by the country's status as a full member of the European Union and signatory to the main international multilateral treaties intended to tackle the affliction of money laundering in the world’s financial markets.