The National Business Center (QKB) said that all entities will have as legal obligation the declaration of the shareholders starting from January 31. The center said that the register of beneficiary owners will be created and that businesses have 60 days to submit the data. The law on the beneficiary owner was approved in mid-2020.

The data must be registered no later than 60 calendar days from the date of creation of the register (which according to the law must be created within the date 31.1.2021).

In December, the Council of Ministers approved the procedures through which the shareholders will be registered at the National Business Center as well as in the special register that will be created for this purpose.

While the new law clearly defines the entities and persons that have the legal obligation to report the final owners or holders of shares, it also provides for fines for those who do not respect the deadlines for submitting data. Non-initial registration of data on its beneficial owner within the deadline is punishable by a fine in the amount of Lek 500,000 or around Dollar 5,000.

Failure to register any change in the registered data and accompanying documents, which are deposited in the register, within the specified period is punishable by a fine in the amount of Lek 250,000 or about Dollar 2,500.

Failure to comply with the obligation of existing reporting entities to register the data required by the law within the specified period is punishable by a fine in the amount of Lek 250,000.

The fines are imposed by the representative of the QKB, whose decision is appealed directly to the competent administrative court in accordance with the provisions of the Code of Administrative Procedures, determined by the law on Beneficiary Owners.