18 January 2019 – The Law on money laundering no. 308 entered into force on 23.02.2018. There are provisions which oblige Public Services Agency to request data about effective beneficiary of businesses when rendering them services related to registration and changing registration information.

Public Services Agency started to request declaration with data from companies. In cases when companies could not provide information about all beneficiaries, in situations when shares are traded on stock exchanges, companies are founded by foreign states etc., Public Services Agency requested them to declare as effective beneficiary the company administrator.

Some companies found it inappropriate to declare administrator as effective beneficiary, as it could mean certain legal consequences. Following the several meetings, EC experts identified solution and Public Services Agency amended internal instruction and template of declaration of effective beneficiaries, which as accepted by Money Laundering Prevention and Combating Service. Document became effective on 18.01.2019.

The Secretariat of the Economic Council to the Prime Minister is  supported  by  the  European  Bank  for  Reconstruction  and  Development, funded by the UK Government’s Good Governance Fund, and the World Bank Group project “Investment Climate Reform”, funded by the Sweden.

The Secretariat of the Economic Council to the Prime Minister is supported by the European Bank for Reconstruction and Development, funded by the UK Government’s Good Governance Fund.