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Business Intelligence Amendments on the ultimate beneficial owner for state-owned companies

Amendments on the ultimate beneficial owner for state-owned companies

by bpv GRIGORESCU STEFANICA September 20, 2022

On Wednesday, 14th September 2022, Government Emergency Ordinance no. 123/2022 („GEO 123/2022”) for amending Law no. 129/2019 on the prevention and combating money laundering and terrorist financing and amending and supplementing certain legislative acts („Law 129/2019”) was published in the Official Gazette of Romania[1].

The GEO 123/2022 removes the exemption from the obligation to file the statement regarding the ultimate beneficial owner for autonomous administrations, national companies and enterprises, companies wholly or majority owned by the state (“Concerned Entities”).

This amendment was implemented following the reasoned opinion addressed to Romania by the European Commission in case 2020/2.358, concerning the incorrect transposition into national law of Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018.

Thus, from the date of entry into force of GEO 123/2022, Concerned Entities shall submit upon registration and whenever there is a change in the registered information, a statement regarding the ultimate beneficial owner of the company, for registration in the Registry of ultimate beneficial owners of companies.

Concerned Entities incorporated before the entry into force of the GEO 123/2022 shall submit a statement regarding the ultimate beneficial owners within 90 days from the date of entry into force of the GEO 123/2022.

[1] Official Gazette of Romania, Part I, No. 906/14.09.2022

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