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Letter of formal notice from the European Commission

Letter of formal notice of the European Commission, regarding the transposition to national law of the 5th European Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (5AMLD)

The Republic has received on July 14 2023, a letter of formal notice from the European Commission, regarding the transposition of the 5AMLD which specifically concerns Articles 30 and 31 thereof. These articles relate to the establishment and operation of beneficial ownership registers of legal entities and legal arrangements (express trusts and similar legal arrangements).

This letter constitutes the conclusion and observations of the evaluation by the European Commission, on the transposition and implementation of these two Articles, carried out from February 2022 to January 2023, through the submission of information by the national competent authorities to queries of the Commission, in relation to the EU Pilot procedure, EUP(2022)10108. An important element of observation concerns the measures for the complete digitalisation of all processes of the registers and their interconnection with the European systems, something which is expected to be completed within the fourth quarter of 2023.

It is noted, that the registers of beneficial owners of legal entities and legal arrangements have been established and relevant information can be provided to competent authorities.

The Ministry of Finance and the competent authorities for the creation and operation of the beneficial ownership registers, will examine the issues raised in the letter of formal notice, and will respond within the deadline, while additional measures will be taken where appropriate, to address the issues raised.

These registers constitute important tools against money laundering or the financing of terrorism, and the Republic will take all the necessary measures for their effective functioning, in cooperation with the European Commission.



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