Issue link: https://maltatoday.uberflip.com/i/1487299
7 NEWS maltatoday | SUNDAY • 4 DECEMBER 2022 Get in touch | bovassetmanagement.com | @bovofficial The value of the investment can go down as well as up. Any ini al charges and exit fees that may apply may lower the amount invested and the amount received upon redemp ons. Investments should be based on the full details of the Prospectus, Offering Supplement and the Key Investor Informa on Document which may be obtained from BOV Asset Management Limited, Bank of Valle a p.l.c. Branches/Investment Centres and other Licensed Financial Intermediaries. The investments underlying these financial products do not take into account the EU criteria for environmentally sustainable economic ac vi es. BOV Asset Management Limited is licensed to provide Investment Services in Malta by the MFSA. The Vilhena Funds SICAV p.l.c. is licensed by the MFSA and qualifies as a UCITS. The BOV Investment Funds is a common contractual fund licensed by the MFSA as a collec ve investment scheme pursuant to the Investment Services Act and the UCITS Direc ve. Issued by BOV Asset Management Limited, 58, Zachary Street, Valle a, VLT 1130, Malta. Tel: 21227311, Email: infoassetmanagement@bov.com, Website: www.bovassetmanagement.com. Source: BOV Asset Management Limited. READY STEADY «INVEST» Monthly Investment Plan from only €50 NICOLE MEILAK A European court ruling on public access to beneficial own- er (BO) information should not shut door on access for people who can demonstrate a legiti- mate interest, the journalist and transparency activist Matthew Caruana Galizia argued. The Malta Business Registry removed all public access to its BO registry last month, limit- ing the information to com- petent authorities and subject persons only on the strength of a European Court of Justice ruling that the provision of the EU's anti-money-laundering directive for access to BO reg- istries is invalid as it interferes with the fundamental rights of beneficial owners themselves. But Caruana Galizia argued that the law still allows those with a legitimate interest in in- formation to access the regis- try of beneficial owners. "Both the Malta Financial Services Authority (MFSA) and the Fi- nancial Intelligence Analysis Unit (FIAU) rely on independ- ent investigations as an open source. At a minimum that means journalists and organi- sations with an anti-corruption mandate should be able to ac- cess the Register of Beneficial Owners on par with subject persons," he told MaltaToday. MBR closes registry The MBR took the decision to close off access three days af- ter the ruling delivered by the CJEU, with online access to BO information removed immedi- ately. Other countries were just as quick to take down their reg- isters, including Austria and the Netherlands. MBR CEO Geraldine-Ann Spiteri Lucas told MaltaTo- day the registry is following the developments closely from the European Commission and other member states. "The MBR is committed to continue promoting transparency while adhering to all rules and obli- gations," she said. She said the MBR will follow the Commission's directives. Caruana Galizia challenged whether this should be the go- to approach for registries, local and foreign. "Contrary to the approach taken by the Malta Business Registry to immedi- ately shut off beneficial owner- ship access and limit it to 'sub- ject persons' under AML laws, I would invite MBR to adhere to their obligations to ensure that other persons who can demonstrate a legitimate inter- est are able to access such ben- eficial ownership information without undue hinderance." He added that the Commis- sioner for Revenue should al- so be open and transparent about its administrative fines for non-compliance, possibly by adopting the model used by the FIAU. Their approach has been to publish statements whenever such fines are issued. "That would allow the tax-pay- ing public to see the the ben- efits of open access to benefi- cial ownership information. Presently, the Commissioner is using information published by journalists, including from Swiss Leaks and the Panama Papers, but not being transpar- ent about the deals it's reach- ing with evaders." In reaction to the registry's closure, the Nationalist Par- ty insisted that the informa- tion must remain accessible to journalists and civil societies. It pointed to the part of the rul- ing which emphasised that the information should be accessi- ble to those who have a legit- imate interest. "The decision of the Malta Business Registry means that journalists and civ- il society will be deprived of an essential tool in the search for the truth and the disclo- sure of abuses with the aim of strengthening democracy and good governance in our coun- try," the party said. nmeilak@mediatoday.com.mt Don't rule out legitimate interest on BO registries, says Caruana Galizia