Amendments regarding the filing of UBO affidavit7 July 2020
Law no. 108/2020 regarding the amendment and supplementation of Law no. 129/2019 for preventing and combating money laundering and terrorist financing, as well for amending and supplementing some normative acts (“Law no. 108/2020”) brings changes to the requirements for the filing of the affidavit regarding the ultimate beneficial owner (“UBO affidavit”) by the entities which have this obligation. The normative act will enter into force on July 9.
Law no. 108/2020 eliminates the obligation to submit an annual UBO affidavit, which previously had to be submitted within 15 days from the approval of the financial statements. Therefore, the legal entities subject to registration in the Trade Registry will only submit a UBO affidavit upon incorporation, as well as whenever a change in the ultimate beneficial owner occurs, within 15 days from the date on which the change occurred.
Moreover, as a novelty, the following entities are exempted from the obligation to submit a UBO affidavit:
► autonomous administrations, national companies and companies wholly or majority-owned by the state;
► legal entities consisting only of shareholders which are natural persons, when they are the only ultimate beneficial owners.