Rules for beneficial owners tightened - Law changes again, more control over money laundering
The government will amend the law on beneficial owners, with the aim of filling the gaps it has and the spaces it creates for money laundering by legal entities.
Given that the current law presents shortcomings in terms of accuracy, updating and verification of data, as well as in inter-institutional interaction and accessibility of information, the draft law submitted for public consultation “On the register of beneficial owners” aims to address these issues by strengthening the legal and institutional framework for the identification, declaration, registration and verification of data on beneficial owners. It provides for clearer and more detailed obligations for legal entities, reporting entities and the registry administration body, and establishes more effective control and sanctioning mechanisms for cases of non-compliance with these obligations, in order to guarantee the accuracy and reliability of information.
One of the main pillars of the draft law is the strengthening of mechanisms for the identification and verification of beneficial owners. By expanding and clarifying legal definitions, it includes various forms of exercising control, such as direct and indirect ownership, control through agreements or dominant influence in decision-making, thus creating the legal basis to prevent the concealment of real ownership.
Another essential element is to improve the functioning of the beneficial ownership register, through strengthening reporting, updating and verification obligations, as well as through mechanisms for reporting discrepancies by reporting entities. This allows competent authorities to have rapid and effective access to the information necessary for the prevention and investigation of illegal financial activities.
At the same time, the draft law strengthens the responsibilities of reporting entities and supervisory institutions, increasing the effectiveness of the anti-money laundering and terrorist financing framework and contributing to a more transparent and trustworthy business environment.
The Beneficial Owners Registry is administered by the National Business Center (NBC), which is responsible for recording, processing, storing and administering data declared by reporting entities. The National Business Center now takes on an active role and not just a formal one.
The legal intervention is closely linked to Albania's obligations within the framework of the European integration process and the approximation of legislation with the European Union acquis, particularly in the field of preventing money laundering and terrorist financing.
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