The Introduction of the Company Service Provider Act under Maltese Law
The Company Service Providers Act (hereinafter referred to as the ‘Act’) was introduced on 24th of December 2013 in order to fulfil requirements found under the European Parliament’s Article 36 of Directive 2005/60/EC on preventing the use of financial system to fund terrorism and launder money. Under the Act any legal entity or individual person providing services related to company formation, administration or other related services is required to register with the MFSA.
Individuals or companies that already operating as CSPs were required to apply for registration with the MFSA by the 24th of March 2014. Until the registration procedures are through, applicants are allowed to carry on providing company services.