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  • Legal Flash no. 55
Article:

Legal Flash no. 55

04 May 2021

Law no. 101/2021 for the approval of the Government Emergency Ordinance no. 111/2020 regarding the amendment and completion of Law no. 129/2019 for preventing and combating money laundering and terrorist financing, as well as other normative acts

 

In the Official Gazette, Part I no. 446 of April 27, 2021 Law no. 101/2021 was published for the approval of the Government Emergency Ordinance no. 111/2020 regarding the amendment and completion of Law no. 129/2019 for preventing and combating money laundering and terrorist financing, as well as other normative acts (“Law no. 101/2021”), law that came into force on April 30, 2021.

By adopting Law no. 101/2021, the obligation to submit the annual declaration regarding the real beneficiaries of the companies has been reintroduced.

The law stipulates, among other things, that the legal entities subject to the obligation to register in the trade register shall submit upon incorporation, annually or whenever a change occurs, a statement on the beneficial owner of the legal entity, for registration in the Register of beneficial owners of companies. Autonomous companies, national companies, and companies wholly or majority owned by the state are exempted from the obligation to submit the declaration.

The annual declaration shall be submitted to the trade register office where the legal entity is registered within 15 days of the approval of the annual financial statements, and in case there is a change in the identification data of the beneficial owner, the declaration shall be submitted within 15 days from the date the change intervened.

The declaration of the beneficial owner will also have to be submitted by companies owned exclusively by individual persons, when they have the status of real beneficiary.