NEWSFLASH _ Deadline for submission of statements regarding the beneficial owner

Due to the latest developments, please find hereinafter a special edition of our newsletter, informing you about recent legal changes with impact on the statements regarding the beneficial owner (UBO).

As already announced, companies, foundations and associations have to disclose their UBO due to Romania’s new anti-money laundering legislation (Money Laundering Act No. 129/2019). The notification form for this purpose was published in October 2019.

The Romanian Commercial Register recently published a practice-related circular which raises questions regarding the deadline for the first filing in 2020.