The framework for the prevention and suppression of money laundering is strengthened by the creation of a Register of Ultimate Beneficiary Owners (UBO)

The Ministry of Energy, Commerce and Industry welcomes the vote by the House of Representatives on the amendment of the Law on the Prevention and Combating of Money Laundering from Illegal Activities.

The new provisions of the Law, deriving from the 5th European Directive (EU 2018/843, 30 May 2018), harmonize and strengthen the existing framework for preventing and combating money laundering and terrorist financing. One of the basic provisions of the Law concerns the maintenance and operation of a Register of Ultimate Beneficiary Owners and other legal entities by the Registrar of Companies.

The starting date for the collection of data on Real Beneficiaries and other legal entities is March 16, 2021. Within the next few days, the Registrar of Companies plans to issue the 1st guidelines on the maintenance and operation of the Register, as well as a manual for the operation of the system which has been developed for this purpose.

It is noted that the Ministry of Energy, Trade and Industry will hold an informative seminar on how to implement the Directive and the mechanisms that will be available to the public, for which an announcement will be issued soon.

The original announcement in Greek can be accessed here.

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