Malta: 10,000 companies taken off registry
21 Jul 2020

Around 10,000 defunct companies have been stricken off the Malta Business Registry, in another move intended to improve the island’s reputation.

Companies were taken off the list when they failed to file annual reports or accounts or did not give official ownership information.

Malta now has 96,000 companies on the registry.

The announcement was made by Economy Minister Silvio Schembri at a webinar held by the MBR at the Grand Hotel Excelsior in Floriana.

He said the move was aimed at safeguarding Malta’s reputation by drastically reducing the number of inactive accounts. It was something which was long overdue, he added.

“In view of the Moneyval report, several worthy actions were taken by the MBR, in light of recommendations put forward by the same report,” he said.

However, the cleaning exercise, he said, was started long before the Council of Europe released its report on Malta last September, which highlighted 60 areas the government needs to improve on to meet international standards preventing money laundering.

“This is not a question of being superficial,” continued Schembri. “We have intensified the process and a sustainable investment was made into MBR’s portal which will be up and running in a few months’ time.”

The portal will operate using a blockchain system as well as AI to verify documents and the number of human resource employees has been bolstered by 40 percent. 

By Vanessa Conneely, Times of Malta, 18 July 2020

Read more at Times of Malta

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