On 20th December 2017, four legal notices were published to transpose the 4AMLD requirements in connection with the establishment and maintenance of beneficial ownership registers. These legal notices set out the obligations incumbent upon companies and commercial partnerships, foundations, associations, and trusts, and came into effect as of 1 January 2018. Camilleri Preziosi have prepared a briefing note which specifically focuses on the provisions applicable to the former cohort of legal entities.
Notwithstanding that the authorities are currently in discussions with industry bodies as to how to fine-tune these Regulations, legal entities should start looking into the applicable reporting obligations as well as establishing internal systems and controls in order to ensure maximum compliance.
Our briefing note can be accessed here.