The Malta Financial Services Authority (the “MFSA”) released a Circular on the 25th of January 2023 announcing important updates to the Trusts Ultimate Beneficial Ownership Register (“TUBOR”). With effect from the same date, the MFSA has also amended the FAQs relating to TUBOR. The MFSA reminded the industry that in the TUBOR Declaration, the trustee is required to indicate if the beneficiary of the trust (whether a corporate or individual beneficiary) has received a benefit or otherwise from the trust. To this end, a new field has been added in the TUBOR Declaration which requires the trustee to make this…
Joshua Chircop7th February 2023