On 7 November 2017 the amendments to the Law on the Prevention of Money Laundering and Terrorism Financing came into force, which determined to the legal persons to disclose their beneficial owners to the Register of Enterprises.
The Law provided for a possibility not to turn with a separate application to the Register of Enterprises only in exceptional cases, namely, when the information about beneficial owners - always natural persons, was already publicly available in the context of obligations determined by other regulatory enactments.
We would like to draw the attention that in case if beneficial owners will not be disclosed according to requirements, the operation of the company will be terminated in accordance with the procedure laid down by regulatory enactments! Besides, we would like to warn that non-existence of information on beneficial owners in the registers maintained by the Register of Enterprises may serve as a ground for more strict examinations during the process of customer study from the part of subjects of the Law - such as, the bank, outsourcing accountants, sworn notaries and other service providers and may serve as a ground for refusal to cooperate with the relevant customer!
More detailed information about “Amendments to the Law On Prevention of Money Laundering and Terrorist Financing” on the website of the Register of Enterprises.