First pageNewsReintroducing obligations on the submission of the ultimate beneficial owner statement

Reintroducing obligations on the submission of the ultimate beneficial owner statement

On 27 April 2021, Law No. 101/2021 ("Law 101/2021") for the approval (with amendments) of Government Emergency Ordinance No. 111/2020 on the amendment and supplementation of Law No. 129/2019 ("Law 129/2021") for the prevention and countering of money laundering and terrorist financing, as well as for the amendment and supplementation of certain normative acts, and for the supplementation of Article 218 of Government Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy, the amendment and supplementation of Law No. 207/2015 on the Fiscal Procedure Code and the supplementation of Article 12 Para. (5) of Law No. 237/2015 on the authorisation and supervision of the insurance and reinsurance activity was published in the Official Gazette no. 446.

It should be noted in advance that, pursuant to Law No. 108/2020 ("Law 108/2020") on the amendment and supplementation of Law No. 129/2019, both the obligation to submit the annual ultimate beneficial owner statement and the obligation to submit the ultimate beneficial owner statement of legal entities having only individuals as shareholders (when such individuals are the only ultimate beneficial owners of said legal entities) were removed.

However, pursuant to Law 101/2021, the aforementioned obligations which were removed by Law 108/2020 have now been reintroduced within Law 129/2019.

As a consequence, with effect from 30 April 2021, the ultimate beneficial owner statement must be submitted once again as follows:

  1. annually, within 15 days of the approval of the annual financial statements; and
  2. by legal entities having only individuals as shareholders, when such individuals are the only ultimate beneficial owners of said legal entities.

 

 

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