The Assembly of the Republic of Kosovo has voted in the first reading the Draft Law on the Register of Beneficial Owners, which aims to create, operate, administer the register of beneficial owners, determine the obligations of natural persons and obliged entities that register beneficial ownership information in the register, and define the punitive measures in case of non-compliance with the provisions of this law.
Through the creation of the register of beneficial owners, there will be an increase in the transparency of the beneficial ownership and beneficial owners will be identified, thus discouraging legal entities and potential future legal agreements which aim to hide the identity of the individual and carry out illegal activities in Kosovo.
This law will enable the regulation of a very important field with a single legal tool and the Republic of Kosovo will join the group of states that implement high standards for the transparency of beneficial ownership and the fight against economic crimes.
The Draft Law on the Register of Beneficial Owners is partially in accordance with the European Union Directive 2015/849, supplemented and amended by the European Union Directive 2018/843 of the European Parliament and of the European Council, dated May 30, 2018, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
The Ministry of Industry, Entrepreneurship and Trade remains committed to work for a healthy environment for doing business and the promotion and protection of responsible and sustainable investments in our country, in accordance with the principles of the Organization for Economic Cooperation and Development (OECD) and European Union standards.