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THE ULTIMATE BENEFICIAL OWNER IN THE SCOPE OF COMBATING MONEY LAUNDERING AND TERRORIST FINANCING

Summary:
The regime of Law no. 83/2017, of 18 August has strengthened the rules and obligations aimed at preventing the use of the financial system and of specially designated activities and professions for the purposes of money laundering and terrorist financing, imposing on the obliged entities several obligations, namely of reporting and identification.

Nowadays, one of the most complex legal issues arising from the above-mentioned obligations is related to the identification of the Ultimate Beneficial Owners of legal persons. In fact, in order to mitigate the difficulties inherent to this identification, it is extremely important to analyse and know the criteria established by law, essential for a correct interpretation and application of the regime. Read more…