“The Normative Act for postponing the registration deadline of the beneficiary owner is published in the Official Gazette”

Yesterday in the Official Gazette has published the Normative Act for the extension of the deadline on the registration of the beneficiary owner approved by the Council of Ministers. The deadline for fulfilment of this obligation by reporting companies was set for June 30, 2021. This amendment allows all organizations to meet the obligations and become part of this process within the set deadline. The Normative Act provides for another change such as the extension of the deadline in case of changes in the data of the beneficial owners of reporting companies. The registration of changes will be done within 90 days from the date of occurrence of the current change and not 30 days as provided by Law no. 112/2020. All companies or non-profit organizations have the obligation to register the beneficiary owner. In cases of non-application of the obligation within the legal deadlines, a fine in the amount of 500,000 Lekë is applied.