“The amendments being proposed to the Trust and Trustees Act are aimed at achieving a balance between making Malta a more attractive trust domicile, through the introduction of new features such as the concept of family trusts, whilst ensuring that the necessary safeguards are in place through the re-enforcement of the relevant regulatory regime,” Finance Minister Prof. Scicluna said.

Prof. Scicluna was speaking during the opening address at the Society of Trust and Estate Practitioners (STEP) International Conference titled ‘Global Business in a Challenging Environment’, which was held on Thursday 6th March 2014, at the Hilton Hotel.

 

[nggallery id=176]

 

Prof. Scicluna noted that the development of new regulations, as well as the improvement of existing rules are important aspects in ensuring that Malta, as a financial services centre, continues to maintain a high level of integrity.

He noted that Bill No. 32, which is proposing a number of amendments to the Trusts and Trustees Act, was published on the 24th December 2013 and is currently awaiting the second reading in parliament.

Speaking to a large international audience formed of members of the Society of Trust and Estate Practitioners (STEP), Prof. Scicluna also noted a number of initiatives taking place internationally which will have an impact on trust service providers.  One of these is the publication of the final regulations implementing the Foreign Account Tax Compliance Act, known as FATCA, an agreement which was signed between the United States and a number of leading countries, including Malta.

Prof. Scicluna noted that another development which is expected to have an impact on trust service providers is that relating to the proposed register of beneficiaries, which is being proposed as part the draft legislative proposal for the Fourth Anti-Money Laundering Directive published by the of    The European Commission published in February last year.

“It is evident that such wide-reaching initiatives will have an impact on the way the community of finance practitioners operates and that is why broad engagement in the process of formulation of these structures and the rules that will govern them is so important,” Prof. Scicluna said.

“Malta does, of course, face big challenges; it would be imprudent to think otherwise. However, getting the structures and infrastructure right and ensuring that they fulfil their roles is essential to ensure that Malta continues on the road of prosperity,” Prof. Scicluna said.

 

– Thursday, 6th March, 2014