"Beneficial owners, the declaration threshold should be lowered to 10%" - AIS Proposals: Expand the entities that must declare
The threshold for declaring beneficial owners should be reduced from 25% to 10% for companies operating in sectors with high risk or of strategic importance for the economy and national security. The proposal comes from the Albanian Institute of Sciences (AIS), promoter of Open Data Albania, within the framework of the public consultation on the new draft law “On the Register of Beneficial Owners”.
According to proposals submitted to the Ministry of Economy and Entrepreneurship, for special cases, the declaration of the beneficial owner without a minimum threshold should also be considered. Currently, the draft law provides for a 25% ownership limit, while the AIS requires that for certain categories, any person who directly or indirectly owns at least 10% of the ownership be declared.
According to the organization, such a standard could be applied to sectors with high risk or of particular importance to the public interest and national security, including the extractive industry, ports, airports and national infrastructure.
Another proposed change relates to the expansion of entities that must declare their beneficial owners. AIS requests that the obligation include companies competing in public tenders or Public-Private Partnership procedures, privatizations and programs for obtaining rights over state property, etc. According to AIS, the aim is to have the ownership structure checked in advance for entities that contract, license or benefit from the state.
The third proposal calls for the High Inspectorate for Declaration and Control of Assets and Conflict of Interest to be given full access to the documentation and data of the Registry of Beneficial Owners. According to AIS, this would enable the institution to more fully verify the real ownership structure of companies linked to persons who have the obligation to declare assets and would increase the effectiveness in identifying conflicts of interest.
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