Positive report on Malta from Global Forum

A peer review by the Global Forum on Transparency and Exchange of Information for Tax Purposes found the legal and regulatory framework for exchange of information in Malta to be in place.

According to the forum's report, adequate ownership, identity and accounting information was considered to be maintained in line with the international standard by entities or by government authorities, in particular the tax authorities and the commercial register.

Full banking information was also found to be available in Malta.

"This positive result is due to Malta's commitment to the international standards of transparency and effective exchange of information," the government said.

The standards were set up by the Global Forum, an international organisation that currently comprises 108 member jurisdictions, the European Union and nine international organisations as observers.

In line with this commitment, Malta has, over the years, upgraded its internal laws with regard to the availability and access to information.

It also continued to expand its tax treaty network for exchange of information.

The government said that on April 2, 2009, Malta had already been included in the OECD's white list of jurisdictions that substantially implemented the internationally agreed standard.

"The positive result of the Global Forum's assessment of Malta's legal framework constitutes further evidence of Malta's good standing as a financial centre of repute."

Malta's application of its legal framework in practice, would be considered in detail in the Phase 2 Peer Review, scheduled for the second half of the year.