The act will now be analysed by the Parliamentary Committee for Consideration of Bills.

During the winding up, parliamentary secretary Tony Abela thanked all the members of parliament from both sides of the house who spoke in favour of the amendment to the Trusts Act. He said the fact that the Malta Financial Services Authority was being appointed as a regulator of this law was positive because it gave this important financial institution the facility to ensure that the law is adhered to.

Dr Abela added that this law was another step towards government’s aim for Malta to become one of the group of the most competitive countries by 2010.