PwC's Short Reads - October 2024 Edition
1. Opportunity for cell companies in Malta
Aviation cell companies in Malta operate within the country’s Protected Cell Company (PCC) structure, which offers a unique legal framework allowing the segregation of assets and liabilities between distinct cells within a single company (for company law purposes).
2. AI and transaction monitoring: The future of financial surveillance
The use of Artificial Intelligence (AI) and machine learning (ML) models in transaction monitoring has become invaluable in strengthening internal controls and responding to fast-evolving financial crime patterns. The variety of the in-depth insights and pattern detection methodologies used in these models makes up for the shortcomings exhibited by traditional systems, whilst simultaneously discovering behaviours and irregularities that were previously overlooked, making this technical advancement crucial in the evolution of financial crime compliance.
3. Understanding Cyber Threats: Insights from T-Pot Honeypot
In today’s digital landscape, grasping the complexities of cyber threats is crucial. This article shares key findings from T-Pot, an advanced open-source honeypot framework that our PwC Cyber Security & Privacy team deployed in Malta between August and October. T-Pot mimics real computer systems to attract and analyse cyber attacks, helping us understand threats specifically targeting the Maltese islands.
4. VAT Treatment of Gambling Services
On 12 September 2024, the Court of Justice of the European Union (CJEU) issued its judgement in relation to case C-73/23 in the name of Chaudfontaine Loisirs SA v État belge. The judgement largely follows the opinion of the Advocate General of the European Union (the AG) published on 25th April 2024.
5. Apply for the Digitalise Your Business Grant scheme
The ‘Digitalise your Business’ grant scheme, launched last January, is approaching its close, with applications accepted only until the end of this year, subject to the availability of funds. This scheme provides a unique opportunity for both SMEs and large enterprises to improve their digitalisation efforts.
6. Companies compliance obligations with the MBR
In terms of Maltese Company Law, companies no matter their activity, have compliance obligations and are required to maintain registers and any such other records as prescribed in terms of the Maltese Companies Act (“the Act”).
7. Carbon Border Adjustment Mechanism: Important Updates for 2024
As of Q3 2024, Carbon Border Adjustment Mechanism (CBAM) reporting declarants may continue using default values to account for embedded emissions for complex goods, but this can now cover only up to 20% of the total embedded emissions.
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