On the 1st January, 2018, the following Regulations came into force in Malta, implementing the relevant provisions on beneficial ownership information of Directive (EU) 2015/849 of the European Parliament and the Council of 20 May 2015:
- Legal Notice 376 of 2017 – Civil Code (Second Schedule) (Register of Beneficial Owners – Associations) Regulations, 2017;
- Legal Notice 375 of 2017 – Civil Code (Second Schedule) (Register of Beneficial Owners – Foundations) Regulations, 2017;
- Legal Notice 374 of 2017 – Companies Act (Register of Beneficial Owners) Regulations, 2017;
- Legal Notice 373 of 2017 – Trusts and Trustees Act (Register of Beneficial Owners) Regulations, 2017.
The Regulations introduce an obligation for companies/trusts/foundations/associations (as the case may be) to keep a register of beneficial owners including the details of the beneficial owners. Upon setting up new entities or institutes the relevant authorities would need to be provided with this information. Whilst entities or institutes already in existence on the coming into force of these regulations would need to provide the relevant authorities with the required information within a stipulated time frame.
The Regulations provide for penalties should the relevant authorities not be provided with the required information in time.