The Registrar for Legal Persons has announced that all foundations and associations are required to submit information on their beneficial ownership by the 30th June, 2019.
This announcement follows another recent announcement by the Commissioner for Voluntary Organisations requiring all foundations and associations in Malta which qualify as voluntary organisations to enrol or notify the Commissioner by the 30th June 2019.
Foundations and Associations are required to comply with the Civil Code (Second Schedule) (Register of Beneficial Owners – Foundations) Regulations and the Civil Code (Second Schedule) (Register of Beneficial Owners – Associations) Regulations respectively, by submitting the relative Form 1.
The Registrar has announced that these Regulations apply to all foundations and all associations, including voluntary organisations, religious organisations, sports organisations, cooperatives, civil partnerships and other legal organisations :-
- which have a Statute;
- which are not exempted in the said Regulations (as per below);
- whether registered or not in terms of any law; and
- whether established before or after 1st January 2018.
The Registrar has announced that an authenticated copy of the latest version of the Statute is to be submitted to the Registrar together with the completed Form 1. A Statute does not need to be submitted by those organisations which are already registered with the Registrar.
The Regulations came into effect on 1st January 2018 to implement Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. For more information please click here.
The Registrar has announced that the following organisations are exempt and are not required to comply with this notice:
- foundations established and controlled by the Government of Malta,
- pious foundations and ecclesiastical entities in the form of foundations,
- marriage legacies,
- associations of persons registered under the Companies Act,
- associations under the Condominium Act,
- trade unions and employers' associations.
The Registrar has announced that non-compliance with this notice will entail the charging of penalties in accordance with the above-mentioned Regulations.
The Registrar has also announced that subsequent changes after the submission of the Form 1, require the submission of Form 2 within 14 days, as stipulated in the Regulations, on pain of penalties.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.