Top ranking officials from the Financial Investigation Bureau of the International Chamber of Commerce (ICC) will be conducting financial crime workshops in Malta on November 11 and 12.
The programme for the 2009 Malta International Financial Crime Forum will also include a number of prominent speakers from ICC member institutions who will be providing practical insights into a number of areas related to international financial crime. The Financial Intelligence Analysis Unit in Malta will also be actively involved in the programme.
Joe Bannister, chairman of the MFSA, said that this is a unique opportunity for financial services and other regulated companies to delve into the practical issues related to financial fraud and money-laundering and discuss current threats and concerns arising from international financial dealings. He added that this is the primary reason why the MFSA has reached a deal with the organisers providing preferential rates for Maltese companies and institutions with responsibilities for guarding against the threat of money laundering and financial crime.
Topics will range from managing fraud risk and mitigating institutional vulnerabilities to case studies including the recent Madoff and Stanford frauds. The programme will be introduced by Silvio camilleri, Attorney General and chairman of the FIAU, and will kick off with the Global Financial Intelligence Brief delivered by P. K. Mukundan, director of the ICC-Commercial Crime Services since 1999. Mr Mukundan holds various qualifications in maritime affairs and an MBA from the Cranfield School of Management. He has investigated many cases and delivered lectures on trading frauds and failures. He will be supported by Peter Lowe, a solicitor and also a director of ICC-Commercial Crime Services. Mr Lowe has written extensively on fraud and product counterfeiting and has spoken at many international conferences on economic crime issues.
Other speakers at the conference include Ed Davis, an authority on asset recovery; Steven Philippsohn, a leading authority on fraud and a member on the Fraud Advisory Panel established by the Institute of Chartered Accountants in England and Wales; and Martin Kenny, founder of Martin Kenney & Co., Solicitors, and a former partner at Bermans Solicitors. In June 1999, Mr Kenny was appointed to the Working Group on Government Corruption of the Society of Advanced Legal Studies at the University of London. He is also an active member of the Business Crime Committee on Insolvency, Restructuring and Creditors Rights of the International Bar Association. The list of speakers also includes Pawel Bandurski from GE Capital, Lee Dawson from Wells Fargo, Basha Galvin from Barclays Capital, Michael Howlett from the ICC-CCs and Manfred Galdes from the FIAU.
ICC Commercial Crime Services is the anti-crime arm of the International Chamber of Commerce which incorporates the International Maritime Bureau, the Counterfeiting Intelligence Bureau and the Financial Investigation Bureau.
For further information visit www.icc-ccs.org/2009Malta
Dedicated website section on UCITS IV Directive
The MFSA has just issued a circular addressed to the financial services licence holders outlining its approach to the implementation of the recast EU Directive on Undertakings for Collective Investment in Transferable Securities (UCITS IV Directive).
The circular contains a brief note on the elements constituting the UCITS IV Directive, the recent developments at EU level as well as the recommendations on the implementing measures proposed by the Committee of European Securities Regulators (CESR).
The authority considers UCITS IV as an important milestone for Europe’s fund industry.
Thus, while acknowledging the challenge which the transposition and implementation of this directive will pose, the authority intends consulting with the industry to ensure the smooth implementation thereof.
Furthermore, the MFSA has created a section on its website which is entirely dedicated to UCITS IV. This section, which is available under the “Securities” heading, will contain all consultation documents issued by CESR on the Level 2 Implementing Measures as well as circulars issued by the authority on the subject. In the coming months the authority plans to issue a number of circulars and consultation documents on specific aspects of the UCITS IV Directive. Besides being available for download, all circulars may be requested directly from the MFSA Information Office by sending an e-mail to communications@mfsa.com.mt
The UCITS IV Directive was approved by the European Parliament in January 2009 and was adopted by the European Council in June 2009. This directive aims at:
Creating an authentic EU passport for UCITS management companies;
Improving investor information through the introduction of the Key Investor Document;
Facilitating cross-border marketing of UCITS IV;
Making possible the crossborder mergers of UCITS;
Providing for the application of Master-Feeder structures;
Strengthen the supervision of UCITS Funds and management companies.
The deadline for the transposition of the UCITS IV Directive is June 30, 2011.
Further information including: MFSA Consultations; New Licences Issued during September/ October can be accessed from timesofmalta.com. The MFSA is also producing an extended electronic version of its monthly newsletter. This may be downloaded from the Publications section on the MFSA website or requested by email addressed to communications@mfsa.com.mt. Additional topics in this month’s extended newsletter include FERMA 2009, update on e-money, international news, upcoming events and training events.
MFSA web site: http://www.mfsa.com.mt
Registry web site: http://registry.mfsa.com.mt
Consumer web site: http://www.mfsa.com.mt/consumer