Malta News Briefing – Sunday 27 August 2023

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Morning Briefing

Bank account closure should be decision of last resort – Arbiter

Financial Services Arbiter Alfred Mifsud said that a bank must resort to closing a client’s account only when all other options have been exhausted. In a decision handed down on a specific case of account closure, Mifsud highlighted that banks should refrain from employing a standardized approach during the process of due diligence and client evaluations. Instead, these procedures ought to be conducted with transparency and in a manner that is proportional to the situation at hand. Conversely, the arbiter noted that clients also bear specific responsibilities. This includes furnishing the necessary documents that enable the bank to fulfill its rigorous regulatory commitments. Mifsud conveyed that in such scenarios, it is counterproductive when bank clients delay the submission of requested information and adopt a confrontational stance towards information requests. (Times of Malta)

Interconnect Malta welcomes ERA’s greenlighting of second interconnector

The Environment and Resources Authority has given its thumbs up for the planned construction of a second interconnector between Malta and Italy. In a statement, Interconnect Malta, which manages the project, said that “the completion of the environmental impact assessment and its favorable evaluation by the Authority mark a significant advancement in the preparations for Malta’s second electricity interconnection with mainland Europe. This confirms that the project’s execution will not bring about adverse consequences for both marine and terrestrial ecosystems.” This initiative will establish the second underwater electricity cable connecting Malta and Italy. (Maltatoday)

Windy start to week expected

Malta is bracing for the impact of potent winds in the upcoming week, specifically from Monday to Tuesday. These winds, originating from the northwest, are anticipated to attain a force of 6 on the Beaufort scale, accompanied by gusts that could escalate to force 8. Fortunately, this vigorous wind pattern is projected to subside by Wednesday. During the course of the following week, the temperature is anticipated to peak within the range of 29°C to 31°C. No precipitation is on the horizon for the upcoming week. (Newsbook)

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