Revolution in the Legal Regulation of Unvailing the Ultimate Beneficial Owners of Business Corporations

Abstract

The paper introduces a new act on the register of ultimate beneficial owners (Nr. 37/2021 coll.) and provides a survey of the main changes, which the act brings about as of June 1st 2021 in the legal regulation of ultimate beneficial owners of business corporations, obligations concerning their identification and entry into a public register as well as sancions for the breach of such obligations.

Keywords

• Business Corporations
• Ultimate Beneficial Owner
• Register of Ultimate Beneficial Owners
• Act on Register of Ultimate Beneficial Owners (Nr. 37/2021 Coll.)