The Malta Business Registry has announced that Malta has successfully connected to the Beneficial Ownership Registers Interconnection System (“BORIS”). The system combines the national beneficial ownership registers of Member States together with the European e-Justice portal. This set up aims to facilitate the exchange of information about beneficial owners of legal entities across European Union Member States as well as to prevent the misuse of the financial system for money laundering purposes.
This process followed the adoption of Regulation No. 369/2021 on 1 March 2021, which introduced the technical specifications and procedures with regards to the implementation of the BORIS, including but not limited to the methods of communication, communication protocols, payment modalities and security standards.
The subject matter of the regulation constitutes a significant development in the process of creating a centralised system of the registers of beneficial owners among European Union Member States.
For further information, one may refer to the Malta Business Registry’s news release here.
This article does not constitute legal advice and neither does it exhaust all relevant aspects of the topic.
