Romanian companies that have issued bearer shares must convert them into registered shares within 18 months, so that their owners will be identified and compelled to register with the Real Beneficiaries Register, the National Trade Register Office (ONRC) informed, according to local Adevarul. Otherwise, they will receive a fine of up to RON 10,000 (EUR 2,100) and be dissolved.

ONRC reminded that Law 129/2019 on the prevention and combating of money laundering and terrorist financing came into effect. The provisions of this law introduce new notions, such as the real beneficial owner, who is any natural person who ultimately owns or controls a company.

By this law new tasks are assigned to the National Trade Register Office, which will organize a central register that will hold data on the real beneficiaries of the legal entities registered in Romania, except for state companies. In this respect, the legal entities mentioned above will file at the registration, annually, or whenever an amendment takes place, a statement regarding the real beneficiary of the legal entity for registration in the Registry of Real Beneficiaries.

Failure by the legal representative of these legal entities to submit the declaration regarding the identification data of the real beneficiary is a contravention and shall be sanctioned by a fine of RON 5,000 (EUR 1,050) to RON 10,000 (EUR 2,100).

editor@romania-insider.com

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