Initially deemed partially compliant in 2020, Malta has since made significant strides in practical standard implementation, prompting a supplementary review in 2021. The Global Forum’s Peer Review Group scrutinized information exchange requests processed from the 1st July 2019 to 30th June 2022, affirming Malta’s substantial progress. Noteworthy measures include the implementation of enhanced compliance monitoring mechanisms and proactive efforts to remove inactive companies from the register.

The report also concludes that some challenges still persist, notably in the prompt handling of requests due to resource constraints – a concern which was also highlighted in the 2020 report. New recommendations emphasize the need for legislative enhancements to ensure nominee shareholders’ disclosure and to bolster supervision and enforcement actions to secure access to pertinent information.

The Maltese Government acknowledged the report’s findings, expressed its alignment with its contents and committed to further improving its regulatory framework and practices in line with international standards.