“Legal practitioners have an obligation to adopt high standards when it comes to customer due diligence, including strict know-your-customers procedures. We must not allow criminals to set up shop in Malta. Company legal practitioners should also be vigilant on the ongoing activities carried out by Maltese companies”, stated Minister for Finance Edward Scicluna when addressing the Annual Company Law Conference organised by the Academy within the Chamber of Advocates at the Old University in Valletta.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

He also stated that Malta has high standards of company legislation, providing for the company registration process and for the retention of extensive and up-to-date information and documentation on every company.

“The Government is determined to take all the necessary steps to ensure that Maltese companies are not misused for crime and money, and that they have the standards and fundamental requirements of the Financial Action Task Force”, said Minister Scicluna.

The Minister for Finance concluded by saying that, to further reinforce transparency and to fully comply with the requirements of international standards and the 4th Anti-Money Laundering Directive, the Government will over the coming weeks publish regulations requiring every company to hold information on its beneficial owners and to submit this information to the Registrar of Companies. The Regulations will also provide for the establishment of a register of beneficial owners of companies which will be directly accessible without any restriction to competent authorities, to obliged persons, and possibly to the general public, depending on the outcome of the current negotiations on the proposed amendments to the 4th Directive.