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Carnival (Maltese: il-Karnival ta' Malta) has had an important place on the Maltese cultural calendar for just under five centuries, having been introduced to the Islands by Grand Master Piero de Ponte in 1535. It is held during the week leading up to Ash Wednesday, and typically includes masked balls, fancy dress and grotesque mask competitions, lavish late-night parties, a colourful, ticker-tape parade of allegorical floats presided over by King Carnival (Maltese: ir-Re tal-Karnival), marching bands and costumed revellers.

More information:
http://en.wikipedia.org/wiki/Maltese_Carnival