Focus on Transparency - July 2010

This is the fourth year of Focus on transparency; KPMGs European banking survey. The publication includes chapters on the key issues that affected banks in 2009. For the first time we have included chapters on corporate governance and remuneration, reflecting the increased focus on these areas by the banks in response to the financial crisis and the ensuing public scrutiny into banking risk management. New chapters have also been added on deleveraging and investment banking which incorporate commentary on balance sheet risk reduction measures taken by the banks and investment banking performance respectively. We have continued to comment on key areas of disclosure and accounting policy affecting banks; notably the impact of fair value, capital, funding and liquidity, impairment and key judgements and estimates.

Frontiers in Finance - June 2010

The eyes of millions of sports fans around the world turn to South Africa this month, as the 2010 FIFA World Cup kicks off. Beyond its sporting content, the South African government hopes the tournament will generate substantial economic spin-off, and has invested heavily in transport and infrastructure improvements across the country. It is appropriate, therefore, that this issue of frontiers in finance has a special focus on Africa. In many ways, Africa is a forgotten continent for financial services: we focus much of our attention on Europe, the Americas and the Middle and Far East. Yet Africa is home to a billion people, has a collective GDP of some US$3 trillion, and is increasingly a target of major inward investment, most notably from China.

Country Profile

Malta has enjoyed a strong and consistent growth in its financial services industry ever since joining the European Union and adopting the Euro as a currency. It is fast becoming the jurisdiction of choice for a number of multinational companies seeking to relocate their business interests or looking for an ideal market within the EU. An efficient work force, English as a business language and a strong legal and fiscal framework have all contributed to this growth.

Malta’s Tax Treaties

In order to encourage the growth of international trade including that of financial services, successive Maltese governments have sought to conclude double tax treaties with important trading partners as well as with emerging countries. This policy is expected to continue in the future. To date, treaties are in force with 52 countries.