Under new secrecy rules, Malta trusts must declare beneficial owners

New anti-money laundering rules will now make it mandatory to report all beneficial owners of trusts

The new year has brought about a sea change in anti-money laundering rules, which now make it mandatory to report all beneficial owners of trusts to the Registrar of Legal Persons.

In recent legal amendments designed to bring Malta up to date with the 4th Anti-Money Laundering Directive (AMLD4), “beneficial owners” of trusts will now include settlers, trustees, protectors, and any beneficiaries who exercise ultimate control through direct or indirect ownership.

This new definition goes beyond previous versions of the directive, which placed higher thresholds on the identification of trust beneficiaries.

Trusts have been involved in major tax evasion and corruption scandals in the past, and are usually used by elites seeking to hide their assets under the ownership of complex trusts in a bid to avoid

... read more at: http://www.maltatoday.com.mt/business/business_news/84091/under_new_secrecy_rules_malta_trusts_must_declare_beneficial_owners

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