The Legislation

The legal framework which regulates investment services, insurance, banking and international trading activities is modern and appropriate to the demands of today's business, drawing significantly on European Union directives. Along with Malta's tax provisions, it forms an integrated structure for international business and financial services.

Professional Secrecy Act clearly identifies those persons who are bound by professional secrecy. Amongst these persons are Accountants, Lawyers, and Bankers. Under this law information held by these persons cannot be divulged, not even to the local authorities, unless criminal activities or fraud are involved.

Prevention of Money Laundering Act clearly defines the crime of money laundering and establishes safeguards to protect the integrity of the financial system.

The Investment Services Act establishes a regulatory regime for collective investment business and investment services in general.

The Companies Act has been updated and now incorporates the EU directives, International Accounting Standards and has introduced companies with variable share capital (the SICAV) and the International Trading Companies.

The Banking Act is based on the EU directives

The Recognition of Trusts Act is recognising the Hague Convention on Trusts, established unit trusts to be governed by foreign trust laws while being managed from Malta.