Consultancy firm Shoulder Compliance is organising an event focusing on anti-financial crime efforts and the need for them to avoid posing undue administrative burdens on the market.

Speaking to WhosWho.mt, Mr Cassar refers to the recent case of Phoenix Payments vs the Financial Intelligence Analysis Unit (FIAU), and says that “the time is therefore ripe for regulators and market players to square up to the challenge of how to find the right balance between combatting financial crime, while allowing legitimate businesses to flourish sustainably.”

In a landmark judgement, the First Hall of the Civil Court, in its constitutional jurisdiction, found the penalty provisions of the PMLA/PMLFTR to be unconstitutional, “throwing into sharp relief the challenges that the jurisdiction faces in maintaining robust and sustainable anti-financial crime structures in a post-FATF greylisting environment”.

“Moreover, while the jurisdiction successfully enhanced its supervisory capabilities over the past years, this has come at the expense of increased administrative burden on various market players.”

For this reason Shoulder Compliance is organising a training and debate event on the theme of "AML Compliance: Striking the Right Balance". The event will include contributions from expert local and international voices, as well as a debate on the theme.

The event includes a discussion of the Impact of the EU’s AML Package on Maltese Subject Persons, with Mr Cassar and Clara Borg Bonaci, Policy Officer with the European Commission’s Financial Crime Unit.

It will also feature an analysis of screening and “what good looks like in 2023”, with Rob Rickards and Jeremy Round, Head and AML Consulting and Managing Director of SQA Consulting, respectively.

APS CEO Marcel Cassar, Ganado Advocates Managing Partner André Zerafa, Financial Intelligence Analysis Unit Deputy Director Alfred Zammit will also be participating in a debate on striking the right balance in AML compliance.

The event will be moderated by popular podcast host Jon Mallia.

Mr Cassar explains that he wants the event to be “a bit different to the usual suit and tie business events”, preferring to “make this one a bit more accessible to the general public.”

He believes this is especially important “given the increasingly pressing nature of the challenges involved”.

The event, which carries 3.25 CPE core hours. will take place on the 9th of May, morning, at The Notch Conference Centre, Urban Valley Resort, San Ġwann.

Tickets can be purchased from here.