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News from Members NEW PROVISIONS REGARDING THE BENEFICIAL OWNER INTRODUCED BY GOVERNMENT EMERGENCY ORDINANCE NO. 111/2020. CLARIFICATIONS AND NEW UNCERTAINTIES

NEW PROVISIONS REGARDING THE BENEFICIAL OWNER INTRODUCED BY GOVERNMENT EMERGENCY ORDINANCE NO. 111/2020. CLARIFICATIONS AND NEW UNCERTAINTIES

by Filip & Company July 29, 2020

Authors – Eliza Baias (partner), Andreea Banica (associate)

The Government Emergency Ordinance no. 111/2020 which amends Law no. 129/2019 on preventing and fighting money laundering and the financing of terrorism was published in the Official Gazette of Romania and entered into force on 15 July 2020 (hereinafter referred to as “GEO 111/2020”). 

GEO 111/2020 also amends several other normative acts regarding the prevention and fighting of money laundering and terrorist financing. The main changes concern the definition of the beneficial owner, the granting of unrestricted access to information regarding the beneficial owner, as well as certain obligations in the field of virtual currency systems.

This article focuses on certain aspects related to determining and declaring the beneficial owner.

 

 

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