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Latvian Enterprise Register: Companies not revealing true beneficiaries to be wound up

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Once changes to the Latvian Law on the Prevention of Money Laundering and Terrorism Financing are signed by State President, the Enterprise Register will be tasked with winding up legal entities not revealing their true beneficiaries.

The coming new rules were announced on Monday, June 17, by the Chief State Notary of the Latvian Register of Enterprises Guna Paidere.

With the amendments passed by Latvian legislators to the Law on the Prevention of Money Laundering and Terrorism Financing, the Enterprise Register will assume new functions ensuring better transparency of the legal entities registered in the institution.

The functions, including requiring legal entities to state their «true» owners or the private individuals being their true beneficiaries, will apply to both different kinds of companies, as well as farms, trade unions, religious organisations and political parties.

«The Enterprise Register will be especially tough with companies having a complex structure of owners and who live abroad,» explained the Chief State Notary.

According to the data by the Enterprise Register, currently, the true beneficiaries have been revealed by 96% of Latvia-registered companies and organisations.

«Now, the period of tolerance is over and the remaining 900 high-risk companies will be warned to reveal their true beneficiaries or face liquidation,» said Guna Paidere.


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