1,693 onsite inspections to verify beneficial ownership of companies took place in 2022 – MBR

Last Updated on Tuesday, 18 July, 2023 at 2:00 pm by Andre Camilleri

A total of 1,693 onsite inspections to verify beneficial ownership took place in 2022, the Malta Business Registry said in a statement while publishing its annual report.

The Malta Business Registry has published its Annual Report and Financial Statements for the financial year ending 31st December 2022.

“The year 2022 was a demanding year for the MBR and getting off the FATF grey list was the number one priority. This recognition highlights the MBR’s continuous efforts to maintain an accurate BO (Beneficial Ownership) Register, which, over time, has become an essential tool for local and international practitioners alike. 2022 was also a year of success during which Malta became one of the first EU member states to successfully join the BORIS (Beneficial Ownership Register Information System).”

During 2022 the MBR was also accepted as a member of the Corporate Registries Forum (CRF), and the CRF’s choice of Malta as the host country for its annual General Conference clearly demonstrates the respect Malta enjoys within the international community, it said in a statement. “Always mindful of enhancing Malta’s competitiveness in a post-pandemic world, the end of 2022 saw the introduction of the new Insolvency Framework, aiming to provide a second chance and a breathing space for businesses, reduce the burden on our law courts, create new job opportunities, and provide peace of mind for entrepreneurs. 2022 also saw a total of 187,380 documents registered, 2,854 new companies and the issuance of 15,000 good standing certificates by the Registry Unit.”

“In continuance of its rigorous procedures to ensure proper governance and compliance, the Compliance Unit reviewed 23,236 notifications and conducted a total of 1,693 onsite inspections to verify beneficial ownership. In parallel screening of involvements totalled to 39,439. A significant input is recorded by the Legal and Enforcement Unit and its role in various proposed legal amendments, including the Repeal of Regulations, Mobility Regulations and Amendments to the Companies Act. An important update on the filing procedure applicable to Annual Financial Reports under the European Single Electronic Format (ESEF) was made, whilst the digital transition requirements in line with Act LX of 2021 were implemented.”

 The MBR’s 2022 Annual Report highlights also the operations of the Foundations & Associations Unit, the Insolvency & Receivership Service, the Finance & Administration Unit, the Human Resources Development Unit, the Information & Communication Technologies Unit, the International Affairs, Research & Communications Unit, and the Internal Control Unit.

Minister for the Economy, European Funds and Lands Silvio Schembri thanked MBR’s CEO Dr Geraldine Spiteri Lucas, and all MBR employees for their dedication. “Your work throughout the past year bore the much-wanted results and was key for Malta to make it out of the FATF grey list in a short span of time. Today, we continue to look forward where in addition to a complete and transparent main register, we see that we continue to offer the necessary tools for companies in our country to operate under a solid legal framework” said Minister Schembri.

“We look forward to strengthening the bridges we have built, continue learning from our experiences, and persevere with pursuing the path we have successfully mapped out over the past year,” said Geraldine Spiteri Lucas, Malta Business Registry CEO, and Registrar. The MBR’s Annual Report and Financial Statements for the financial year ending 31st December 2022 may be accessed online at https://mbr.mt/annual-report-2022/

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