Guidelines for Determining Beneficial Ownership of Legal Entities Adopted

On the 8th of January 2019, the Bureau for the Prevention of Money Laundering adopted the Guidelines for determining the Beneficial Ownership of the legal entities and the adjoining Guidelines for recording the registered owner of business entities in the central records (“Guidelines”).

These Guidelines are intended for taxpayers in accordance with the Law on the Prevention of Money Laundering and the Financing of Terrorism and instruct the taxpayers to determine and verify the identity of the beneficial owner of a legal entity. The aim is to create a simplified process for applying the provisions of the Law on Prevention of Money Laundering and Terrorist Financing relating to the Beneficial Owner.

Moreover, the Guidelines provide an overview of the provisions of the Law on the Central Record of beneficial owners, which in turn regulates the obligation to determine the beneficial owners of registered entities and record them in the Agency for Business Registers.

 

2019-01-16T14:53:45+00:00 January 16th, 2019|

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