Daphne Caruana Galizia Foundation celebrates journalists’ access to beneficial owner register

The ability of journalists to access the beneficial ownership register held by the Malta Business Registry, without needing to seek permission each time, has been hailed as “a win for transparency and accountability in Malta” by The Daphne Caruana Galizia Foundation.

Access to the register was restricted to competent authorities and subject persons only following a ruling by the European Court of Justice in 2022, “excluding journalists and civil society organisations and limiting their ability to investigate corporate ownership and money laundering.”

However, a subsequent clarification confirmed that the EU’s Anti-Money Laundering framework still allows access for those with a legitimate interest, including the press and civil society organisations.

“By working with the Malta Business Registry, we supported the implementation of these provisions, restoring journalists’ access to the beneficial ownership register,” said The Daphne Caruana Galizia Foundation.

In a post on why the change matters, the Foundation explained that an ultimate beneficial owner (UBO) is “the individual who ultimately controls or profits from a company.”

It noted that “while being a UBO is not inherently suspicious, opacity around ownership structures has long enabled corruption and financial crime,” pointing to investigations like the Panama Papers that “exposed how complex networks of shell companies, nominee directors, and cross-border structures are used to conceal criminals’ and kleptocrats’ wealth and identity.”

Therefore, access to beneficial ownership data is “a critical tool for exposing corruption and financial crime, following money trails across jurisdictions, and holding powerful actors accountable.”

Speaking on behalf of The Daphne Caruana Galizia Foundation, Corinne Vella says that “even in a small jurisdiction like Malta, corporate structures can have global consequences. Ensuring journalists can access this beneficial ownership data helps close gaps that bad actors rely on.”

Speaking to BusinessNow.mt, Malta Business Registry CEO Geraldine Spiteri Lucas says the change emerges from the transposition of Article 74 of the 6th Anti-Money Laundering Directive (6AMLD).

“In drafting this provision, the EU incorporated the European Cort of Justice ruling to ensure a proper balance between public transparency and the protection of privacy rights.”

Under the revised rules, implemented in July 2025, applicants must submit a written request along with their identification details, any supporting documentation or credentials, and a declaration confirming the legal basis of the request.

The Registrar has the discretion to ask for additional documentation if necessary, and may consult with other authorities before reaching a decision. In the event of a refusal, the applicant must be informed in writing and may appeal the decision in court within 20 working days.

Dr Spiteri Lucas concluded: “The restoration of access based on legitimate interest serves as a fundamental safeguard for the public interest. Facilitating the identification of beneficial ownership by oversight bodies provides a necessary deterrent to money laundering, corruption and tax evasion.”