European Union Regulations
Anti-Money Laundering: Beneficial Ownership of Corporate Entities
On 15 November 2016, Statutory Instrument No. 560 of 2016 was implemented and sets out certain requirements in accordance with the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016. (“the Regulations”)
In summary the Regulations require each entity to give a specific notice to each natural person whom it believes is the beneficial owner of 25% plus one share in the entity (“the Beneficial Owners”). This information and in some cases the steps taken to identify the Beneficial Owners must be recorded in a Beneficial Ownership Register.
To learn more about the beneficial ownership register and its impact, please download our brochure to the right.