FATF Greylisting: Tax and Reporting implications
Overview On 25 June 2021, the FATF (Financial Action Task Force) added Malta to the list of jurisdictions under increased monitoring (the ‘greylist’). In its announcement, the FATF refers to an action plan, covering three main points, which Malta will need to implement. Whilst tax evasion is highlighted in two of the three action points, it is evident that the FATF is not solely concerned with domestic tax evasion, but also the role that Malta plays in its fight against cross-border tax evasion. Mazars in Malta will be holding a webinar which will explore the implications that the implementation of these action points may have on Malta, and more specifically on its financial services industry and its service providers. While official guidance in this regard is yet to be provided, our panelists will start by peeling off the outer layer of the challenges that Malta and the critical players in the financial services industry must address. In doing so, the panelists will discuss a number of topical issues covering AML, taxation, and corporate structuring, which are already emerging as topical points of debate. The webinar will, amongst other things, seek to explore the following:
- What are the key pointers in current international guidance which identify tax aggressive structures?
- How can legitimate tax planning coexist within the current environment?
- What is de-risking? Is it an option or a necessity?
- What additional challenges will service providers have to deal with as regards their reporting obligations?