Malta Business Registry’s best practices now guide international peers – Silvio Schembri

Last Updated on Wednesday, 18 October, 2023 at 9:32 am by Andre Camilleri

Malta hosts the Corporate Registry Forum Annual General Conference

Minister for the Economy, European Funds and Lands Silvio Schembri said that the Corporate Registry Forum’s decision to choose Malta as its host showed trust in the Maltese jurisdiction, given that it was only late last year that Malta was accepted as a full member of this international forum.

The CRF is an association of international corporate registries, which now also includes the Malta Business Registry. Malta is currently playing host to around 40 registers during the Annual General Conference of the CRF, which is serving as a platform for best practices to be exchanged, ranging from digitalisation to countering financial threats.

During his speech, Minister Schembri highlighted MBR’s recent initiatives and legal frameworks, adding that MBR’s best practices now guide international peers.

“It is thanks to MBR that Malta now forms part of this forum. MBR today stands as a beacon for our nation’s economic progress. Its primary function ensures an up-to-date registry, providing businesses with peace of mind and clarity for industry stakeholders. Furthermore, the MBR helps combat illicit financial activities and money laundering by ensuring that registered businesses are in line with today’s legal requirements,” stated Minister Schembri.

MBR embraced new technologies to improve efficiency, reduce bureaucracy, and strengthen good governance, but its main objective is to work closely with businesses, both locally and internationally.

“We’ve established entities like the FIAU, Malta Gaming Authority, Malta Financial Services Authority, and Sanctions Monitoring Board to tackle Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). Their synergy with both local and international agencies ensures our holistic approach,” the minister concluded.

MBR’s Chief Executive Officer and Registrar, Geraldine Spiteri Lucas, said, “MBR is proud to host around 40 registries from around the world. This gathering serves as an opportunity for registries worldwide to unite and collaborate on a global scale. Every jurisdiction, including ours, faces a multitude of challenges at various levels. The key to overcoming these challenges has always been cooperation, not just amongst authorities and regulators but also with all stakeholders. Our collective mission is to ensure complete transparency regarding all legal structures.”

CRF Chief Executive and CEO of Companies House UK, Louise Smyth, said that “it is a pleasure to welcome our CRF family to Malta for our second in-person conference since the pandemic. I look forward to meeting members over the week and hearing about their exciting reforms and plans for the future”.

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