For Growth on the Earth

Legal entities must disclose their beneficial owners

A new year has begun with new work and challenges. In order not to forget about the work, prescribed by the legislator in daily rush, we want to draw your attention to the fact that according to the Law on the Prevention of Money Laundering and Terrorism Financing issue, which came into force on November 9, 2017, legal entities must disclose their beneficial owners – a natural person who owns legal entity or who directly or indirectly controls respective legal entity and this disclosure obligation must be fulfilled within a specified deadline – by March 1, 2018, by submitting information to the Commercial Register.