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. In 2020 the Regulations were amended by Legal Notice 27 of 2020 to comply with the changes introduced through article 31 of Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU.
As a result of these amendments, in addition to the existing unfettered access to competent authorities, and to subject persons for the purposes of carrying out due diligence on a particular trust, access has also been extended to any natural or legal person who can demonstrate a legitimate interest as defined by law, and to any person who makes a written request to view the beneficial ownership information of a trust which owns a company that is not incorporated in the EU.
For further guidance on the trusts’ beneficial ownership information to be provided on TUBOR, you may refer to the Q&As issued by the MFSA in this respect, which are updated from time to timeTrusts Beneficial Ownership Register FAQs