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In Latvia, legal entities will be disclosing information about their beneficial owners

In accordance with the amendments to the Law of the Republic of Latvia "On the Prevention of Money Laundering and Terrorism Financing" of 9 November 2017, any person will have the right to obtain information about the beneficial owners online from the Register of Enterprises for a small fee set by the Cabinet of Ministers, except for the cases prescribed by the statutory regulations.

The Ministry of Finance justified this condition with the need to limit the risk of financing terrorism and legalising money received by criminal means, promote credibility of transactions made by legal entities, the system of finance and business environment in the Republic of Latvia in general, as well as the need to reduce the possibility of using legal entities for illegal activities and protect the rights of others by providing them with the access to information about the true beneficiaries of their business partners / legal entities.

Thus, information relating to personal data, dates of birth and residence addresses will be available to any person if the true beneficiary is registered in the Population Register of the Republic of Latvia. At the same time, information about the true beneficiary under the age of 18 at the time of the provision of such information will not be available freely.

As of 1 December 2017, when registering a new company in the Register of Enterprises of Latvia, it will be necessary to provide information on the beneficial owners, and as of 1 February 2018, this information will need to be confirmed or updated.

As of 1 March 2018, all other companies previously registered in the Republic of Latvia will be required to provide information on their beneficial owners to the Register of Enterprises of Latvia.

As of 1 April 2018, information on the beneficial owners of all companies registered in the Register of Enterprises of Latvia will be freely available to anyone.

For more information, see the Register of Enterprises of the Republic of Latvia.

 

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