On 29 July 2020 the Albanian Parliament passed a Law for the establishment of a registry for beneficial owners. This Law aims to approximate the Albanian legislation with the EU requirements on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing,
The Register of Beneficial Owner
The register of beneficial owners will be a public and administered by the National Business Center that administers the commercial registry of the Republic of Albania. Pursuant to this law, the register of beneficial owners will be functional in electronic form not later than 31.01.2021.
The reporting entities include limited liability companies, joint stock companies, branches and representative offices of foreign companies, foundations, associations etc.
Businesses conducted by persons registered as individual entrepreneurs, companies fully owned by the state, religious communities and political parties are excluded from the reporting requirements of this law.
Beneficial owner is the individual who ultimately, through the direct or indirect ownership of a sufficient portion of the equity or voting rights in a reporting entity, has the control of that entity, or is able to exercise control of the entity through other means, or otherwise benefits from the transactions performed by the entity on his/her behalf.
Direct ownership is defined as the ownership of by individual (in his/her own name) of at least 25% of the shares or interest in a reporting entity.
Indirect ownership is the ownership or control exercised by the same individual, in one or more legal entities, which, individually or combined, own at least 25% of the shares or interest in a reporting entity.