Malta to publish regulations on beneficial ownership

Malta’s finance minister has said the island will soon publish regulations on beneficial ownership.

Edward Scicluna was speaking to delegates at a recent law conference at the Old University in Valletta.

Disclosure requirements

The regulations will require every company registered in Malta to keep information on its beneficial owners.

Companies will also need to submit this information to the Registrar of Companies.

Ownership register

The regulations will require the establishment of a beneficial ownership register of companies.

The register will be directly accessible with no restrictions to competent authorities.

Transparency and compliance

The minister suggested the register may even be open to the general public, depending on the outcome of current negotiations on proposed amendments to the EU’s 4th Anti-Money Laundering Directive.

Scicluna told delegates that the proposed register would enhance transparency and was necessary to fully comply with both international standards and the EU directive.

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