Amendments to Ultimate beneficiary statement

New amendments and completions Law no. 129/2019 on preventing and combating money
laundering were adopted.
Legal entities subject to obligation to register in trade register, which have registered /
registered entities in shareholding structure and / or which have their fiscal headquarters in
jurisdictions with a high degree of risk of money laundering and / or terrorist financing and /
or jurisdictions under monitoring relevant international bodies, for risk of money laundering,
submit annually a statement regarding the beneficial owner of legal person, in order to be
registered in Register of real beneficiaries of companies, within 15 days from the approval of
the annual financial statements.
By way of exception, legal entities registered in trade register prior to date of entry into force
of this law, with exception of autonomous administrations, companies and national
companies and companies wholly or majority owned by the state, submit a statement on the
beneficial owner of the legal entity updates whenever a change occurs, in order to register in
Register of the real beneficiaries of companies. This obligation is considered to be fulfilled
for legal entities that have submitted at least one statement regarding the beneficial owner
after the date of entry into force of this law.
The non-observance by the legal representative of legal entities of obligation to submit the
statement regarding identification data of the beneficial owner constitutes a sanction
comprised between Lei 5,000 and Lei 10,000. If within 30 days from the date of application
of the sanction, the representative of legal entity has not submitted a statement regarding
identification data of beneficial owner, at the request of National Office of Trade Register,
specialized court may decide to dissolve the company.