Signing of Memorandum of Understanding between MBR and competent authorities

The Malta Business Registry and competent authorities in accordance with the PMLPTR, namely the Malta Financial Services Authority, Malta Gaming Authority and Sanctions Monitoring Board, individually agreed to build cooperation by signing a memorandum of understanding on cooperation and exchange of information.

The MoU is a form of mutual commitment in complementing each other’s duties and function in the perspective of governmental duties and national development, particularly in exchange of information.

The MoU was signed by Joseph Farrugia, registrar and CEO of the Malta Business Registry, on behalf of the MBR and Joseph Cuschieri, chief executive officer of the MFSA, on behalf of the Authority, Heathcliff Farrugia, chief executive officer of the Malta Gaming Authority on behalf of MGA and Neville Aquilina, chairperson of the Sanctions Monitoring Board on behalf of SMB.

The MoU coverage is focused on the information being shared between MBR and each of the above-mentioned authorities. This MoU is based on an understanding of cooperation to strengthen the mechanisms which allow them to detect and take measures promptly concerning any possible issue/s of non-compliance with the applicable legislation as a means to preserve public order. These collaborative mechanisms enable mutual exchange of information and other forms of collaboration in regulatory and supervisory matters within their respective areas of competence and responsibility.

These MoUs definitely strengthen the mechanisms already in place to prevent Maltese legal entities from being used for criminal purposes including money laundering and funding of terrorism.

Similar MoUs with other competent authorities are in the pipeline to be endorsed in the coming weeks.