Malta has been developing rapidly as a financial centre
since becoming a Member State of the European Union in
2004. Malta adopted the Euro as its currency in 2008.
Maltese regulations are consistent with those adopted
throughout the European Union and provide a secure and
stable framework for capital and liquidity adequacy,
prudential supervision, customer protection, and
prevention of money laundering.
In addition, Malta offers the following benefits which are
key for the Bank to carry out its planned operations:
- Malta has a long-standing history as a hub for
international trade, as can be seen with, for example,
the Freeport operations, has an open economy and a
disposition towards international business and also
provides political and economic stability;
- Malta's banking sector has a strong reputation given its
resilience during the recent crises;
- Malta's growing status as a financial services centre;
- Malta has a strong legislative framework which has
been tailor-made to the trade finance industry;
- Malta is a reputable jurisdiction combining both a
common law and a civil law approach and has a
reputable and approachable regulatory authority – the
MFSA;
- Quality and cost-effectiveness of the Maltese work
force, including well-trained professionals: Maltese
accountants are trained under International Financial
Reporting Standards ("IFRS"), which Malta adopted in
1998. The World Economic Forum Report on
Competitiveness (2012) places Malta 15th on the
strength of auditing and reporting standards. The
Maltese legal profession is a long established
profession and most professionals have had further
training at major institutions overseas, particularly in
the UK;
- English is an official language in Malta, and all laws are available in English. This presents a significant advantage given that English is the primary language in which MB operates;
- Reasonableness of the cost-environment;
- Malta has an excellent business infrastructure, EU
compliant legislation and a competitive tax regime that
is based on the imputation system of taxation. Malta
benefits from being on the Organisation for Economic
Co-Operation and Development's 'white list' of
countries and territories that embrace and
substantially implement relevant tax standards.