Issue link: https://maltatoday.uberflip.com/i/1504102
2 NEWS 20.7.2023 FROM PAGE 1 "Furthermore, this develop- ment not only consolidates our market position within the local logistics sector, but it also strengthens our region- al posture, opening up our Group to further value-added internationalisation opportuni- ties," he added. "We are extremely proud of the acquisition of the Thomas Smith businesses, a prestigious, estab- lished and respected brand in the local logistics sector which this year celebrates its 175 years of op- erations. Making Thomas Smith part of the PB Group will signal a new and exciting chapter for the motor of our enterprise: our fam- ily of 110 employees," added CEO David Raphael Busuttil. As a local start-up, PB Group started exploring the water and energy industries over 20 years ago, with formal operations commencing in 2008 pursuant to which it managed to build a strong international reputation and placed Malta on the interna- tional complex engineering solu- tions map through its delivery. Today, the company has man- aged to expand its operations in ten countries across the African continent, namely Algeria, Egypt, Libya, Mauritania, Senegal, Ghana, Niger, Congo, Uganda and Mozambique, a number which is set to go up to 12 by the end of 2023. PB Group acquires 100% of the Thomas Smith insurance and logistics businesses THE year 2022 was a demanding year for the Malta Business Registry and getting off the FATF grey list was the number one priority. is emerges from the MBR's Annual Report and Financial Statements for the financial year ending 31st December 2022, which highlights the MBR's con- tinuous efforts to maintain an accurate BO (Beneficial Ownership) Register. e register has become an essential tool for local and international practi- tioners alike. 2022 was also a year of success during which Malta became one of the first EU member states to successfully join the BORIS (Beneficial Ownership Register Information System). e MBR was also accepted as a member of the Corporate Registries Forum (CRF), and the CRF's choice of Malta as the host country for its annual General Conference clearly demonstrates the respect Malta enjoys within the international community. Always mindful of enhancing Mal- ta's competitiveness in a post-pandemic world, the end of 2022 saw the introduc- tion of the new Insolvency Framework, aiming to provide a second chance and a breathing space for businesses, reduce the burden on our law courts, create new job opportunities, and provide peace of mind for entrepreneurs. 2022 also saw a total of 187,380 docu- ments registered, 2854 new companies and the issuance of 15,000 good standing certificates by the Registry Unit. In con- tinuance of its rigorous procedures to en- sure proper governance and compliance, the Compliance Unit reviewed 23,236 notifications and conducted a total of 1,693 onsite inspections to verify bene- ficial ownership. In parallel screening of involvements totalled to 39,439. A significant input is recorded by the Legal and Enforcement Unit and its role in various proposed legal amendments, including the Repeal of Regulations, Mo- bility Regulations and Amendments to the Companies Act. An important up- date on the filing procedure applicable to Annual Financial Reports under the Eu- ropean Single Electronic Format (ESEF) was made, whilst the digital transition requirements in line with Act LX of 2021 were implemented. e MBR's 2022 Annual Report high- lights also the operations of the Founda- tions & Associations Unit, the Insolvency & Receivership Service, the Finance & Administration Unit, the Human Re- sources Development Unit, the Infor- mation & Communication Technologies Unit, the International Affairs, Research & Communications Unit, and the Inter- nal Control Unit. Economy Minister Silvio Schembri thanked MBR's CEO Dr Geraldine Spiteri Lucas, and all MBR employees for their dedication. "Your work throughout the past year bore the much-wanted results and was key for Malta to make it out of the FATF grey list in a short span of time. Today, we continue to look forward where in addition to a complete and transparent main register, we see that we continue to offer the necessary tools for companies in our country to operate under a solid legal framework" he said. "We look forward to strengthening the bridges we have built, continue learning from our experiences, and persevere with pursuing the path we have successfully mapped out over the past year," Spiteri Lucas said. e MBR's Annual Report and Financial Statements for the financial year ending 31st December 2022 may be accessed online at https://mbr.mt/annual-re- port-2022/ For the Malta Business Registry, 2022 was 'demanding' but featured numerous successes The MBR's BO (Beneficial Ownership) Register has become an essential tool for local and international practitioners alike