The Parliamentary Committee on Economy and Finance approved the draft law "On the Register of Beneficiary Owners", drafted by the National Business Center in cooperation with GIZ.
The Deputy Minister of Finance and Economy, Belinda Ikonomi said that the draft law aims to oblige entities to identify and register in a special register their beneficiary owners, by creating a legal framework.
"This draft law also comes within the recommendations of the Committee of Experts for the Evaluation of Measures against Money Laundering and Terrorist Financing", said Ikonomi.
According to Ikonomi, there are currently about 54 thousand entities registered with the NBC and about 7 thousand non-profit organizations registered with the Courts.
This draft law, she said, provides that these entities have the obligation to create a special file within 30 days where the beneficiary owners will be identified.
"Business owners who do not register the data in the register of beneficiary owners will be fined for violations in the amount of 150 thousand to 500 thousand," said Ikonomi.
The director of the National Business Center Pranvera Fagu said that the register will be ready by January 31, 2021.
The Chairperson of the Commission, Milva Ekonomi said that since the register of beneficiary owners will be created no later than January 31, 2021, it helps that the fiscal amnesty planned by the government is done in very controllable conditions.
"This is also helped by the establishment of a register of beneficial owners. "This is why spe Moneyval strongly recommends that Albania be careful in money laundering and the fight against terrorism," said Ekonomi.
According to the law, the initial non-registration of data on its beneficial owner within the deadline specified in the letter is punishable by a fine in the amount of 500 thousand ALL. Also, the draft law stipulates that failure to register any change in the registered data and accompanying documents, which are deposited in the register, within the specified period is punishable by a fine in the amount of 250 thousand ALL.
Failure to fulfill the obligation of the existing reporting entities for the registration of the data required by this draft law is punished with a fine in the amount of 250 thousand ALL ”, is defined in the draft law.
For the violations foreseen above, in the draft law it is determined that the legal representative of the registered subject, legal entity, is punished with a fine of 150 thousand ALL.
Also, the draft law provides that for entities that commit the violations provided above, more than once, the fines will be doubled./ATSH/