News and developments
Beneficial Owners Registry: Important updates requiring consideration
No relevant regulations have yet been issued. However, on 16 December 2020, the Council of Ministers, acting on the proposal of the Advisory Authority for Combating Money Laundering and Terrorist Financing, decided to:
- appoint the Registrar of Companies and Official Receiver of the Ministry of Energy, Commerce and Industry (the “Registrar of Companies”), as the competent authority for the maintenance of the central register of real beneficiaries of companies and other legal entities; and
- authorise the Registrar of Companies to collect information about the real beneficiaries of companies and other legal entities through the interim system solution that has been developed.