The Register of Beneficial Owners is ready by January 31, 2021

Pursuant to the obligation for approximation of the Albanian legislation with that of the EU (Directive (EU) 2015/849 of the Parliament and of the Council), has been published in the Official Journal no. 112/2020 “On the register of Beneficial Owners” which reinforces the increase of transparency and taking measures against money laundering and terrorist financing.

This law applies to all legal entities registered in the Republic of Albania as follows (Ltd, Jsc, NPO, foreign representative offices, collective entities and any other legal entity, which by law is obliged to register to the NBC). Only natural persons, traders registered in the commercial register, as well as state-owned enterprises, political parties and religious communities are not obliged to register and are excluded from the scope of application of this Law. The public Authority authorized by law which will manage the register will be the National Business Center (NBC).

Meanwhile, in order to fulfill the legal obligation to identify, report and register the beneficial owner, are provided punitive measures in case of non-fulfillment of this obligation, within the deadline provided by law (the deadline is 30 days from the date of initial registration or from the date of factual change). The failure to register data on the owner or shareholder of a company or non-profit organization will be punished with a fine in the amount of 500 000 (five hundred thousand) Lekë. Whereas, non-registration of any change in the registered data and accompanying documents is punishable by a fine in the amount of 250 000 (two hundred and fifty thousand) Lekë. Also the legal representative, in case of non-registration is punished with a fine of 150 000 (one hundred and fifty thousand) Lekë. Existing reporting entities must register the data required by this law for their beneficial owners no later than 60 calendar days from the creation of the register.