The Albanian Parliament has recently approved the law "On the Commercial Register of Beneficial Owners". The law became effective on August 2020, while the Register of Beneficial Owners is expected to be created no later than January 31, 2021.
The purpose of this law is to increase transparency with measures against money laundering and terrorist financing, as well as the establishment, operation and administration of the Register of Beneficial Owners.
This law aims to identify the beneficial owner, who is the ultimate owner or exercises the last effective control over a legal entity (commercial entity and NGO) registered in the Republic of Albania and is identified with a NUIS / NIPT.
For any ambiguity regarding this law, PwC Albania can assist you at any stage of your business preparation to comply with legal requirements including identification of beneficial owners, active assistance and consultancy in preparation of the necessary documentation, together with advice and guidance on administrative procedures before the competent authorities within the legal deadlines.
Click below for a detailed summary of the main aspects of this law
