112 tal-2007 - Regolamenti tal-2007 dwar Skema għal Reġistrazzjoni ta’ Flus u Depożiti Bankarji

L.N. 112 of 2007

EXTERNAL TRANSACTIONS ACT

(CAP. 233)

Currency and Bank Deposits Registration Scheme Regulations,

BY virtue of the powers given by article 11(2) of the External

Transactions Act, hereinafter called “the Act”, the Prime Minister and

Minister of Finance has made the following regulations>-

(1) The title of these regulations is the Currency and Bank Title.

Deposits Registration Scheme Regulations, 2007.

(2) The scope of these regulations is to provide for the

establishment of a registration scheme to be known as the Currency and

Bank Deposits Registration Scheme, hereinafter referred to as the Scheme,

whereby individuals residing in Malta who hold eligible assets without

declaring the relevant income (including capital gains) for the purposes

of the Income Tax Act and other relevant laws, may regularise their Cap. 123.

position under these laws.

(3) These regulations shall come into force on 23 April, 2007.

(1)

In these regulations, unless the context otherwise Interpretation.

requires –

(a) “applicable date” means

(i) in respect of assets referred to in regulations 6(a)

and 6(b), any date between 23 April, 2007 and 31 July, 2007<

and

(ii) in respect of assets referred to in regulations 6(c)

and 6(d), 16 April, 2007<

(b) “eligible assets” means currency notes denominated in

Maltese lira and euro, and deposits denominated in Maltese lira and

euro held with credit institutions licensed under the Banking Act<

(c) “individuals” means physical persons<

(d) “relevant laws” means the Income Tax Acts, the

Succession and Donation Duties Ordinance (Cap. 70 of the revised

edition of the Laws of Malta, 1942), the Death and Donation Duty

Act, the Duty on Documents Act and the Duty on Documents and

Transfers Act.

(2) The words and expressions used in these regulations

which are also used in the Act or the Income Tax Act shall, unless the

context otherwise requires, have the same meaning as assigned to them

in the said Acts.

(3) For the purposes of these regulations, any income arising

from eligible assets which is received after 22 April, 2007 and reinvested

before the date of registration, shall be deemed to constitute eligible assets

existing on 22 April, 2007 and shall be eligible for registration under

these regulations.

Resident individuals

(1) Individuals residing in Malta who own eligible assets

without declaring the relevant income for the purposes of the Income

Tax Act and other relevant laws, may regularise their position under the

Income Tax Act and, or other relevant laws, by registering such assets

under the Scheme on the prescribed form as set out in the Schedule to

these regulations.

(2) Eligible assets shall be registered under the Scheme by

the individual who owns such assets on the applicable date or by the heir

or legatee of such individual when such heir or legatee becomes the owner

of eligible assets.

The Scheme shall run from 23 April, 2007 to 31 July, 2007.

Registration through

Registration of eligible assets shall be executed through the

Appointed Registration Agents which shall be credit institutions licensed

in Malta under the Banking Act, stockbrokers licensed under the

Investment Services Act, and persons holding a category 2 or category 3

Investment Services Licence granted under the Investment Services Act,

and in each case appointed as Registration Agents by the Central Bank of

Malta.

Registration of eligible assets under this Scheme shall be open Assets

be registered.

(a)

amounts of Lm1000 or higher in Maltese lira currency

notes<

(b) amounts of €2500 or higher in euro currency notes<

(c) deposits denominated in Maltese lira held with credit

institutions licensed under the Banking Act<

(d) deposits denominated in euro held with credit institutions

licensed under the Banking Act.

(1) An individual who registers eligible assets under the Declaration.

to be signed.

Scheme shall sign a Declaration which is to be provided by the Appointed

Registration Agent, stating that>

(a) such individual is the beneficial owner of the assets being

registered<

(b) such individual accepts full responsibility for the accuracy

and authenticity of the information and documentary evidence

provided to the Appointed Registration Agent<

(c) the documentary evidence being submitted to the

Appointed Registration Agent is the true original documentation<

(d) such individual undertakes to make available to the

Appointed Registration Agent any further information and

documentary evidence that may be required by the Agent for the

proper exercise of its functions in this regard<

(e)

the registered eligible assets do not represent proceeds

from>

(i) a crime of money laundering under the Prevention

of Money Laundering Act, or

(ii) any of the crimes listed in the Second Schedule to

the Prevention of Money Laundering Act other than a crime

against the Act and, or the Income Tax Act<

(f) the declaration is being made in good faith.

(2)

The Registration Certificate shall also include>

(a) a detailed description of the eligible assets being registered

and details thereof<

(b) details of the beneficial owners including full name,

identity card number, address and signature< and details of the

fiduciary where eligible assets registered in terms of regulations

6(c) and 6(d) are held by a third party<

(c) details of the Appointed Registration Agent.

(1) The Appointed Registration Agent, after having duly

completed the registration modalities, shall issue a Registration Certificate.

The Certificate shall be sequentially and uniquely numbered and in

controlled stationery.

(2) The Registration Certificate shall be issued to the applicant

against the payment of a registration fee as specified in regulation 11(1).

(3) The Registration Certificate shall be issued in the name

of the beneficial owner of the registered eligible assets.

(4) The Registration Certificate shall be issued by the

Appointed Registration Agent in triplicate> one copy shall be provided to

the applicant, one copy shall be retained by the Appointed Registration

Agent, and one copy shall be provided to the Appointed Central

Registration Certificate Depository.

(5) The Central Bank of Malta is, by means of these

regulations, being appointed the Central Registration Certificate

Depository.

(6) The triplicate copy of all the Registration Certificates

issued by the Appointed Registration Agent during each calendar month

shall be sent to the Central Registration Certificate Depository within

seven (7) days after the end of that month.

(7) The Registration Certificate shall not be transferable.

(8) In the event of the loss or destruction of the Registration

Certificate, the applicant may make a request in writing to the Central

Registration Certificate Depository for the issue of a copy of the lost or

destroyed certificate.

(1) Other than by order of a Court, every person, including Professional

secrecy.

past and present officers or agents of an Appointed Registration Agent

or of the Appointed Central Registration Certificate Depository, shall be

bound by the duty of professional secrecy in the exercise of his functions

under these regulations and shall not disclose any information contained

in the Registration Certificate which may come in his possession in the

exercise of his functions under these regulations.

(2) Nothing in these regulations shall be construed as

exempting any person from complying with the requirements of the

Prevention of Money Laundering Act or any regulations issued

thereunder.

(1) Upon registration, the beneficial owner of the eligible Exemptions.

assets registered under this Scheme shall be entitled to the exemptions

referred to in article 11 of the Act and article 9B of the Income Tax Act.

(2) The submission by the applicant of false information and,

or documentary evidence shall nullify the Certificate and render the

applicant ineligible to the benefits granted under the Scheme.

(1) The issue of a Registration Certificate shall be subject to Registration fee.

the payment by the applicant of a registration fee payable to the

Government. Such fee shall be as follows>

(a) four per centum (4%) of the registered amount in respect

of eligible assets registered in terms of regulations 6(a) and 6(b)<

and

(b) six per centum (6%) of the registered amount in respect

of eligible assets registered in terms of regulations 6(c) and 6(d).

(2) The Appointed Registration Agent shall issue a receipt,

which is an integral part of the Registration form, to the applicant in

respect of the registration fee paid.

(3) The registration fees paid by registered applicants shall

be remitted by the Appointed Registration Agent to the Government at a

designated account at the Central Bank of Malta by not later than seven

(7) days after the end of the calendar month during which the fees are

collected.

(1) All eligible assets registered under the Scheme in terms

of regulations 6(a) and 6(b) shall be deposited by the Appointed

Registration Agent in a special term deposit account with a credit institution

licensed under the Banking Act by not later than one business day after

registration date.

(2) Eligible assets registered under the Scheme in terms of

regulations 6(a) and 6(b) shall be deposited, at the discretion of the

applicant, either in the name of the individual who owns such assets or in

a nominee account held by the Appointed Registration Agent on behalf

of his clients.

(3) The special deposit account shall be opened for a period

of one year bearing no interest.

(4) All registered eligible assets placed in special term deposit

accounts with credit institutions licensed in Malta under the Banking Act

shall be re-deposited at the Central Bank of Malta in a special designated

account.

(5) The deposits in respect of eligible assets registered under

the Scheme in terms of regulation 6(a) shall be denominated in Maltese

lira and shall be withdrawn on maturity in the official currency prevailing

in Malta as at the date of maturity at the applicable official conversion

rate.

(6) The deposits in respect of eligible assets registered under

the Scheme in terms of regulation 6(b) shall be denominated in euro and

shall be withdrawn on maturity in euro.

The Appointed Registration Agent shall be entitled to recover Fee for services

rendered.

a fee for services rendered to effect registration. Such fee shall be deducted

and retained from the Registration fee paid in respect of the issue of the

Registration Certificate. Such fee shall be equivalent to 5% of the

Registration fee, provided that it shall not be less than Lm10 or more

than Lm125 per application registered. No service fee is to be charged by

an Appointed Registration Agent which is a credit institution with whom

the special deposits are placed.

Section 5: Applicant’s Declaration

In completing Section 2 and 3, 1/ we declare

1. to be the owner/joint beneficial owner(s) of the registered eligible assets or the heir or legatee or the

owner.

2. that the registered eligible assets do not represent proceeds from a crime of money laundering in

terms of the Prevention of Money Laundering Act, or the crime that would result due to an

infringement of any law other than the Income Tax Act.

3. that the eligible assets are being registered by only once under this Scheme

4. that I/we accept full responsibility for the accuracy and authenticity of the information and, or

documentary evidence submitted to the Appointed Registration Agent under the Scheme

5. that I/we will make available to the Appointed Registration Agent any further information and, or

documentary evidence that it may require for the proper exercise of its functions in terms of the

Scheme

6. that the declaration is being made in good faith

7. that in return for my/our making this declaration and obtaining the relevant exceptions arising from

law upon registration. I/we hereby pay the prescribed registration fee in Maltese liri on the value of

the registered eligible assets

8. that I/we understand that the submission of false information and, or documentary evidence will

nullify this Certificate and render me/us liable to legal prosecution

9. that I/we also understand that in the event that I/we am/are receiving any benefit, exemption or

other advantage under the Social Security Act or under any other scheme made by the government

or any public entity or under any other law, as result of not having declared the eligible assets being

hereby registered (or income therefrom). I/we shall not be required to refund that benefit,

exemption or other advantage acquired before this registration. However, if after this registration,

I/we continue to take that benefit, exemption or advantage without being entitled thereto, I/we shall

be considered as never having enjoyed exemption referred to in article 11 of the External

Transactions Act and article 9B of the Income Tax Act, and shall forfeit the right not to refund any

benefit, exemption or advantage acquired before this registration.

Section 6: Appointed Registration Agent’s Declaration

In completing Sections 1 and 4, we declare that

1. we have obtained the necessary information and the documentary evidence required for the proper

exercise of out function under the Scheme

2. we undertake to retain relevant documentation for 10 years

3. we undertake to deposit the registered currency notes in a special term deposit account with a credit

institution licensed to operate in Malta by not later than one business day after registration date

4. we are bound by law by the duty of professional secrecy an shall not disclose any information

contained in the Registration Certificate, saving the provisions of regulation 9.

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press

Lm0.44 (€1.02)