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Changes in deadlines and forgiveness of fines generated by non-compliance with Law no. 112/2020, “On the register of beneficiary owners”

After the emergence of many problems in the application of this law, to facilitate and regulate the factual situation where only 1/3 of reporting organizations have been able to register the data of their beneficial owners, is being evaluated by the Albanian Government and further Parliament, intervention with some other changes in the existing law no.112/2020, “On the register of beneficiary owners”.

Many essential changes and additions have been made to the latest draft law, which mainly consists of:

  • Postponing the deadline for the initial reporting of beneficial owners by existing reporting organizations with indirect ownership registered in the commercial register and by Non-Profit organizations until 1st April 2022.
  • Postponing the deadline for the initial reporting of beneficial owners by newly registered reporting organizations, from within 30 calendar days from the date of registration of reporting organizations, to within 40 calendar days from the date of registration of reporting organizations.
  • Forgiveness of the fines imposed by the NBC before the entry into force of the draft law regarding the non-fulfillment of the obligation for initial reporting of beneficial owners by reporting organizations provided that the reporting is performed by them by April 1, 2022.
  • Escalation of the measure of administrative contraventions that will be imposed following the entry into force of the draft law, based on the delay in fulfilling the obligation of initial reporting of beneficial owners by newly registered reporting organizations.
  • Provision of the application suspension procedure for a period of 30 days, in case of incomplete applications.
  • Removal of the fine for the administrator in case of non-registration of the data of the beneficial owners of the reporting organizations within the legal deadline, and the inclusion of the value of this fine in the fines imposed on the reporting organizations.

Based on these essential changes, any existing and newly registered reporting organization that has not completed the registration in the previous deadline will have the opportunity to complete the procedures provided in law no. 112/2020 on the registration of beneficial owners, taking into account also the additions and changes mentioned above.

For more information about these issues contact us at: [email protected]

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