Issuance of a Ministerial Decision Regarding Beneficial Owner Identification Procedures

This Decision shall be effective as of 4 January 2023

- The Decision regulates, at a minimum, the obligations of the authority competent to supervise the trade names register for the various types of establishments registered in the State and legal persons, including licensing or registration procedures, and regulates the beneficial owner register and the register of partners or shareholders.

- This Decision fulfils the requirements of international agreements in the field of combating money laundering and terrorist financing.

- The Decision aims to make it possible to identify the beneficial owner who may be hiding behind a nominal beneficiary.

- The Decision contributes to developing the business environment and the State's capabilities and economic standing.