ULTIMATE BENEFICIAL OWNER CENTRAL REGISTER

ULTIMATE BENEFICIAL OWNER CENTRAL REGISTER

As provided by the applicable European Union’s Fourth Anti-Money Laundering Directive, the Council of Ministers have on the 16th of December 2020 resolved that:

• the ¬¬Registrar of Companies and Official Receiver is appointed as the responsible competent authority for the maintenance of the central Register of Ultimate Beneficial Owners of companies and other legal entities.
• the ¬¬Registrar of Companies and Official Receiver is authorised to collect the information through the developed software system.

The commencement of the collection of the information has now been set by the Registrar of Companies for the 22nd of February 2021.

It’s worth noting that access to the Central Register will only be provided to competent authorities and the register will not be accessible by the general public.

Companies and other legal entities are strongly advised to commence the collection of the information which they shall already have in their possession in accordance with of the Prevention and Combating of Money Laundering and Terrorist Financing Law of 2007, as amended from time to time.

Entities that provide services to companies under the provisions of sections 2A(d), 60 and 61 of the abovementioned law as well as on the basis of the Regulation of Business Services and Related Issues Laws of 2012 to 2020 regulating companies providing administrative services.

The Registrar of Companies will provide further guidance in due course and the link to the platform for submitting the relevant information.

Please contact us for assistance in complying with the submission of your entities data.