On the 12th of July 2019, The Register of Beneficial Owners Regulations of Malta (“BO Regulations”) has been amended. This amendment is being introduced inter alia, to seek to transpose certain provisions of the Fifth EU Anti-Money Laundering Directive into Maltese law.
On 10 October 2019 it was announced at the Economic and Financial Affairs Council (ECOFIN) meeting in Brussels that Republic of Marshal Islands was removed from the European Union's list of non-cooperative jurisdictions for tax purposes. The decision is the result of productive dialogue between the Republic of Marshal Islands and representatives of the European Union Code of Conduct Group and European Commission.
The International Tax Authority of British Virgin Islands has issued the final form Rules on Economic Substance. Actions must be taken by all BVI companies, and limited partnerships with legal personality.