This Trusts Ultimate Beneficial Ownership Register (TUBOR) has been set up to implement the provisions of the Trusts and Trustees Act (Register of Beneficial Owners) Regulations, 2017 (“the Regulations”). The said Regulations were published on 20th December 2017 by virtue of Legal Notice 373 of 2017. The provisions of these Regulations are aimed at implementing the relevant provisions on beneficial ownership information, emanating from article 31 of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“4th AMLD”), in so far as they are applicable to trusts and trustees.
The provisions and requirements emanating from these regulations came into force on 1st January 2018, other than the provisions of regulation 6 related to access to such beneficial ownership information, as the latter enter into force on 1st April 2018.
For further guidance on the trusts’ information to be provided on TUBOR, you may refer to the Q&As issued by the MFSA in this respectTrusts Beneficial Ownership Register FAQs