AML legislation revised to increase the transparency of legal entities ownership
On 23 June 2016 the Russian Government approved amendments to the Anti-Money Laundering Law and to the Administrative Code, enforcing an obligation on legal entities to disclose information on their final beneficial owners. A beneficial owner is defined as an individual who directly or indirectly (through third parties) holds more than 25% in the company's capital or has the possibility to control its activities.
The amendments with come into force from 21 December 2016 and will oblige legal entities to maintain information on their founders, preserve and update the information on their beneficial owners and disclose such information at the request of the federal executive bodies, including the Federal Tax Service of Russia. The legal entities will have to update the information on their beneficial owners and to collect documentary evidence in its support at least annually.
Yuliya Shibukova
Relationship Manager
GSS Russia
yuliya.shibukova@unicredit.ru