Malta has updated its legislation, firstly to accelerate setting up trusts and secondly to bolster i...
Malta has updated its legislation, firstly to accelerate setting up trusts and secondly to bolster its consumer protection regulations.
The Trusts and Trustees Act 2004 now gives Malta courts wide powers to deal with dispute resolution and abuse. Regulatory approvals will require absolute transparency from trust creators and administrators.
Dr Max Ganada who headed the team that researched and drafted the legislation, said: "Trusts law is always better when it is framed to enhance clarity in the creation of a trust particularly in areas such as inheritance, commercial transactions, bankruptcy and the duties of trustees. By removing barriers and introducing some new definitions we have introduced an extremely high standard of certainty. What we have now is comprehensive, accessible and efficient law for the 21st century."
The Malta Financial Services Authority has been running training courses with the Institute of Financial Services Practitioners for lawyers, accountants and other professionals in how to handle the new trust business.
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