MBA participates at MFSA webinar

The Association’s Secretary General, Karol Gabarretta, recently moderated a panel discussion entitled “Funding of Terrorism Risk inherent to International Financial Centres“, at the webinar with the theme “Striking a Balance between De-Risking and Managing Risk in the Financial Services Industry“, organised by the MFSA on the 2nd October 2020. The speakers at this panel discussion comprised 2 representatives from the Association’s members namely, Mr Simon Vaughan Johnson CEO – HSBC Bank Malta p.l.c and Ms Cynthia Borg – Head of Financial Crime Compliance at APS Bank p.l.c. The discussion focused on aspects of funding of terrorism risk (FT) inherent to International Financial Centres within the context of the concerns expressed in respect of the local jurisdiction in the 2019 MONEYVAL Report.


The key conclusions arising from the discussion – there was no doubt that FT is an inherently complex subject – revolved around the need to; better understand FT and discard the notion that it is a less of a problem than ML; generate more awareness on the part of all Subject Persons, including naturally, banks, on the permutations and ramifications of FT; organise and participate in specialised training and enhance the current liaison on the subject, between public competent authorities and the most impacted private sector players.

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