10 Jul 2020
The ultimate beneficial owner statement will only need to be updated in the event of amendments (the obligation to submit annually the ultimate beneficial owner statement has been repealed).
Law no. 108/2020 regarding the amendment and completion of Law no. 129/2019 for preventing and combating money laundering and terrorist financing, as well as for amending and supplementing certain laws, repealed the companies’ obligation to submit the annual ultimate beneficial owner statement. The same normative deed repealed the obligation of companies solely held by individuals to submit the ultimate beneficial owner statement when such individuals are the only ultimate beneficial owners.
For implementation of the above, the following amendments were approved:
(i) Autonomous administrations, companies wholly- or majority-owned by the Romanian state.
(ii) Companies owned by individuals, provided that such individuals are the only ultimate beneficial owners. In these cases, the National Trade Registry Office has to fill in the ultimate beneficial owners registry based on the documents submitted with the incorporation request or based on the existing records, in the case of existing companies.
Source: [Law no. 108/2020 108/2020 regarding the amendment and completion of Law no. 129/2019 for preventing and combating money laundering and terrorist financing, as well as for amending and supplementing certain laws published in the Official Gazette no. 588 dated 6 July 2020 and which will enter into force on 9 July 2020]