At the 174th meeting of the Government of the Republic of Kosovo, the Draft Law on the Register of Beneficial Owners, drafted by the Ministry of Industry, Entrepreneurship and Trade, was approved.
The draft law on the Register of Beneficial Owners aims to create, operate, administer the register of beneficial owners, determine the obligations of natural persons and obliged entities who register beneficial ownership information in the register, as well as determine the punitive measures in case of non-compliance of the provisions of this law.
The creation of the register of beneficial owners will result in the increase in transparency of beneficial ownership, as well as the identification of beneficial owners in order to discourage legal entities and potential future legal agreements whose purpose is to hide the identity of beneficial owners and carry out illegal activities in Kosovo.
Through the approval of this Draft Law, the Republic of Kosovo joins the group of states that implement high standards for the transparency of beneficial ownership and the fight against economic crimes.