This event is aimed mainly at legal and compliance officers working with Banks based in Malta to obtain a better understanding of what Trusts and Foundations are, how they can be better used by banks and accepted as their customers.
Speakers emanating from the different regulatory and supervisory authorities will be speaking about the procedures, laws and regulations that apply in this field, in order that bankers have peace of mind when dealing with such structures and to understand that Trusts and Foundations were created to be efficient tools for the service of both corporate entities and individuals, and not to evade tax, launder money or finance terrorism. Therefore, the use of such structures should be encouraged when used properly, and not dissuaded.
Supported by: MFSA, FIAU, MBA, IFSP, MIA and the Chamber of Commerce.
15:00 – 15:05
Welcome speech - By FinanceMalta chairman, Rudolph Psaila
15:05 – 15:30
Panel: understanding the banks’ position and concerns - Panellists TBA
15:30 – 15:40
What compliance officers at Banks need to know about Trusts and Foundation - Dr Priscilla Mifsud Parker – STEP chairperson
15:40 – 15:50
The MFSA’s Risk Based Approach towards supervision of Trustees and Administrators of Foundations - Petra Camilleri – Senior Manager (Trustees & CSPs), MFSA
15:50 – 16:00
Money Laundering and Terrorist Financing risks associated with Trusts and Foundations: a review of the implementing procedures - Carmela Loredana Umbro, FIAU
16:00 – 16:10
The Malta Business Registry – Legislative Developments, Expectations and Enforcement Action - Geraldine Spiteri Lucas – Chief Legal Officer, Malta Business Registry
16:10 - 16:20 BREAK
16:20 – 16:35
An international perspective of dealing with Trusts & Foundations - Speaker TBC
16:35 – 17:10
Q&A session with all speakers
17:10 – 17:15
Conclusion - By FinanceMalta chairman
- Priscilla Mifsud Parker, STEP chairperson
Dr Mifsud Parker is a private client lawyer heading Chetcuti Cauchi Advocates Families and Wealth practice group. In this capacity, she specialises in trusts and estate planning, wealth and business structuring for high net worth and successful business families. In the structuring field her main speciality is tailor-made solutions for the optimisation and protection of high value assets. Priscilla’s background and experience in corporate, trusts and tax law enables her to assist clients in overcoming their challenges when structuring their wealth. Priscilla also heads the Corporate and Trust Services arm of the firm which handles the setup and administration of the corporate structures designed by the law firm for clients. Her practice revolves around assisting clients in business start-up stage or with acquisitions, corporate restructurings, shareholder matters and providing day to-day company law and tax advice to companies under the firm’s administration. Priscilla has acted in a number of roles for the Malta STEP Branch including Branch Secretary, Technical Committee Chairperson and as from 2020 as Branch Chair. She received a B.A in Law and Theology, LL.D Trusts Law and M.A in Financial Services from the University of Malta.
- Petra Camilleri Senior Manager (Trustees & CSPs), MFSA
Petra Camilleri graduated with a Doctor of Laws from the University of Malta and has also obtained a Masters of Laws with specialisation in commercial and corporate law with the University of London. She joined the MFSA in 2012, forming part of the Trustees and Company Service Providers Supervision Team which is now within the remit of the Conduct Supervisory Unit since 2015. She was involved in the transposition of the provisions of the Fourth and Fifth Anti-Money Laundering Directive in so far as they relate to the beneficial ownership information of trusts and the setting up of the Trusts Ultimate Beneficial Ownership Register. She was also involved in the development of the regulatory framework applicable to Trustees of Family Trusts, as well as other legal and regulatory drafting projects relating to trustees and company service providers.
- Carmela Loredana Umbro, FIAU
Carmela Loredana Umbro is a Senior Officer of the Guidance and Outreach Team within the FIAU`s Legal Affairs Section. Her team is responsible for identifying and responding to the guidance needs of subject persons and for participating in outreach efforts among the private and public sector in the area of AML/CFT. Carmela joined the FIAU in 2014 and has been involved in multiple projects related to AML/CFT. She holds previous experience in the civil and commercial law sector. Carmela studied Law at the University of Rome “La Sapienza” and is a warranted lawyer.