Implementing the Beneficial Ownership Register

Malta is in the process of implementing the 4^th Anti Money Laundering Directive (the “4AMLD”). This brings with it the Beneficial Ownership Register (the “Register”), which is to be implemented separately to the remainder of the 4AMLD provisions.

The Register is intended to provide a list of all beneficial owners of a wide variety of assets, including the people who own companies (down to the UBO behind any company or structure holding shares), the beneficiaries of foundations and trusts (at least, where and when the beneficiaries are defined, and the benefits quantified), participants in a cooperative, and so on.

This will entail a lot of work for CSPs, who will in all likelihood be on the front line supplying this information to the Register, after securing agreement from their clients. As we start preparing for this seminar, the regulations governing the register have not been published, which means there are many doubts and questions to be addressed:

• How much information, and how often, do I need to get from my clients?
• How will the reporting work?
• What have other countries done to comply? Is there anything that Malta can learn from them?
• How can I explain the process to clients looking for confidentiality?
• How confident can I be that the information I pass on will be protected?
• Will I be liable if my client does not provide the information required?

These issues will be tackled by Juanita Bencini, Anthony Cremona and the registrar of Companies, Joe Caruana, with the discussion moderated by Wayne Pisani. Participants will have the opportunity to obtain some clarity on these and other Register related matters at the IFSP seminar on the Beneficial Ownership Register which is to be held at 16:00 on Tuesday, 5 December 2017 at the MFSA. To register, please send an email to events@ifsp.org.mt.

Speakers:

Speakers: Juanita Bencini, Anthony Cremona, Joe Caruana

Moderator: Wayne Pisani

Registration Fees:

Members: €45; Students: €15; Others: €60