The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of fifteen thousand Euro (€15,000) on the Trustee.

Business Activity: authorised to act as a Trustee or Co-Trustee to provide Fiduciary Services in terms of the Trusts and Trustees Act

BREACHES

The MFSA determined that the Company failed to adhere to its obligations in terms of Regulation 3(1) of the Trust and Trustees Act (Register of Beneficial Owners) Regulations for failure to submit the declaration of beneficial ownership for trusts which generated tax consequences and for which the Company acted as a trustee.

REGULATORY ACTION

On 7 August 2020, the Malta Financial Services Authority (“MFSA” or “Authority”) decided to impose an administrative penalty of fifteen thousand Euro (€15,000) on the Trustee.

PUBLICATION

This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article 48 of the Trust and Trustees Act and Article 16(8) of the Malta Financial Services Authority Act.

UPDATE ON 7 SEPTEMBER 2020

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.