MALTA: REFORMS TO THE COMPANY SERVICES PROVIDER SECTOR ARE NOW IN FORCE

On 29 March, the Times of Malta reported that the Company Service Providers (Amendment) Act 2020 came into force on 16 March.  The Malta Financial Services Authority has also launched the updated rulebook for CSP.  It is said that changes extend to all types of legal persons and not just companies, removing previously applicable exemptions and de minimis rules, and impose farther reaching ongoing obligations and heftier penalties for non-compliance in a bid to raise standards within the sector.

https://timesofmalta.com/articles/view/reforms-to-the-company-services-provider-sector-are-now-in-force.861109

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WORLD BANK GROUP ENFORCEMENT TRENDS AND INSIGHT

On 29 March, an article from Mayer Brown is concerned with the Sanctions System Annual Report for FY 2020 from the World Bank Group which sets out its ongoing efforts to investigate, penalise, and prevent misconduct across its global operations. The Report also provides insight into some key trends of its enforcement activity.  It is said that in recent years the Bank’s enforcement activity has increased significantly.  It is said that fraud is the most common allegation in enforcement cases by some margin, and frequently occurs in the context of procurement.  The Bank’s Sanctions System is the process for investigating and addressing allegations of “sanctionable practices” in bank-financed activities. Sanctionable practices include corruption, fraud, coercion, collusion and obstruction of World Bank investigations and audits.  It is said that of all sanctions cases and settlements considered in FY 2020, 86% dealt with fraud, 20% dealt with corruption, 20% dealt with collusion and 6% dealt with obstruction.

On 16 December, Mayer Brown had published another article, this time about the work of  the African Development Bank’s Office of Integrity and Anti-Corruption 

https://www.mayerbrown.com/en/perspectives-events/publications/2021/03/the-world-bank-group-enforcement-trends-and-insight

https://www.worldbank.org/en/about/unit/sanctions-system/sanctions-board/brief/world-bank-group-issues-fy20-sanctions-system-annual-report

https://www.mayerbrown.com/en/perspectives-events/publications/2020/12/the-african-development-bank-group-integrity-compliance-insight

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