Branches and representative offices of foreign entities must reveal their true beneficiaries | LEADELL Academy
When the requirement to register beneficial owners comes into force?
As of 1 July 2020, branches and representative offices of foreign entities registered in Latvia are obliged to register information on their beneficial owners. This obligation follows from the amendments to the Law on the Prevention of Money Laundering and Terrorist and Proliferation Financing.
Where and by which date to register true beneficiaries?
Amendments to the law stipulate that the true beneficiaries must be revealed until 1 January 2021. If the branch or representative office is registered in the Register of Enterprises of the Republic of Latvia, the information on the beneficial owners shall be submitted to this register, but if the representative office in Latvia is registered as a permanent representative office in the Register of Taxpayers, information shall be submitted to the State Revenue Service.
Can the true beneficiaries not be reported?
In case the information on the true beneficiaries is not revealed within the term specified by law, the Register of Enterprises of the Republic of Latvia or the State Revenue Service will exclude the specific branch or representative office from the register maintained by them (Register of Representative Offices or Register of Taxpayers).
What if there are uncertainties or difficulties in the registration process?
If you require assistance with registering beneficial owners, please contact our attorney Ilze Jankeviča.
Attorney Ilze Jankeviča is passionate about to share her knowledge at the LEADELL Academy. She has an in-depth knowledge of the prevention of money laundering, so she is happy to give an advice.