As part of the extensive reform in good governance, the Malta Football Association will be appointing an advisory board to help in the fight against money laundering in football.
The board, which will be made up of professionals in the field, who are somehow involved in football, will be studying and submitting a draft and proposals to the Association, with various measures that should strengthen good governance in the operation of football clubs and thus create regulatory requirements which would fight all forms of fraud and financial illicit.
The association plans to make a more rigorous due diligence process on club members, team managers and other administrators working in clubs. Donations, loans and sponsorships must be declared to identify the money source and thus enhance transparency and financial accountability.
MFA President Bjorn Vassallo said that MFA officials will be meeting Commissioner for Revenue Mr Marvin Gaerty to discuss further cooperation in this matter.
While addressing a press conference, Vassallo said that the reform includes the revision of the Statute which will lead to radical changes in the structures and separation of powers in the management of MFA as well as the corporate restructuring of clubs, which should lead to changes in the framework. legal and club ownership.
Through a business model, where commercial entities start operating football clubs, these can operate in a better way while safeguarding investments.
The draft of the Statute has already been presented to UEFA and FIFA who both agreed with the changes.
While the Statute will be set for approval this summer, licensing requirements should be changed by 2022 and the corporate restructuring should be completed by 2023.
Meanwhile the MFA President revealed that Birkirkara FC have appealed against the Member Clubs Licensing Board’s decision to impose a fine of €10,000 on the club for failing to communicate a significant change in their payables following submission in their application for a UEFA licence.
Vassallo explained that during a meeting of the Executive Committee, the report by the Licensing Board on which grounds the licences were granted to the eight Premier League clubs.
He went on to say that clubs who feel they were damaged by the decision can use their legal right of going to the Court of Arbitration of Sport or the Civil Courts to seek any damages they may have suffered.