{"id":5467,"date":"2022-06-03T01:56:17","date_gmt":"2022-06-02T23:56:17","guid":{"rendered":"https:\/\/www.augelegalfiscal.com\/new-obligations-relating-to-ultimate-beneficial-owners\/"},"modified":"2022-06-08T10:24:44","modified_gmt":"2022-06-08T08:24:44","slug":"new-obligations-relating-to-ultimate-beneficial-owners","status":"publish","type":"post","link":"https:\/\/www.augelegalfiscal.com\/en\/new-obligations-relating-to-ultimate-beneficial-owners\/","title":{"rendered":"New obligations relating to ultimate beneficial owners"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5467\" class=\"elementor elementor-5467 elementor-5454\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-19b49680 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"19b49680\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6353e419\" data-id=\"6353e419\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-37a7051c elementor-widget elementor-widget-heading\" data-id=\"37a7051c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #8f2b2f;color:#8f2b2f\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #8f2b2f;color:#8f2b2f\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.augelegalfiscal.com\/en\/new-obligations-relating-to-ultimate-beneficial-owners\/#New_obligations_relating_to_ultimate_beneficial_owners\" >New obligations relating to ultimate beneficial owners<\/a><\/li><\/ul><\/nav><\/div>\n<h1 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"New_obligations_relating_to_ultimate_beneficial_owners\"><\/span>New obligations relating to ultimate beneficial owners<span class=\"ez-toc-section-end\"><\/span><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-530d87 elementor-widget elementor-widget-text-editor\" data-id=\"530d87\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">According to the Andorran Law 37\/2021, of December 16, amending Law 14\/2017, of June 22, on the prevention and fight against money or securities laundering and the financing of terrorism, specifically in art. 3.3, <\/span><b>the ultimate beneficial<\/b><span style=\"font-weight: 400;\"> owner is the natural person or persons who ultimately control the client and\/or the natural person or persons on whose behalf a transaction or activity is carried out. Apart from the novelties in the definitions of beneficial owner established by the new Law and which can be consulted <a href=\"https:\/\/www.bopa.ad\/bopa\/034001\/Documents\/CGL20211223_09_20_50.pdf\" target=\"_blank\" rel=\"noopener\">here<\/a>, and the <a href=\"https:\/\/www.bopa.ad\/bopa\/034066\/Pagines\/GR20220527_10_30_57.aspx\" target=\"_blank\" rel=\"noopener\">new Decree 214\/2022<\/a>, of 25 May 2022, amending the Regulations governing the registration and access to information on beneficial owners in the registers of legal entities, approved by the Decree of 5 September of 2018, published in the BOPA on June 1, 2022,this article will focus on the new specific obligations relating to beneficial owners.<\/span><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-570c21ba elementor-widget elementor-widget-text-editor\" data-id=\"570c21ba\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">In the first place, a new obligation<\/span><span style=\"font-weight: 400;\"> appears for the regulated entities, consisting in the fact that when establishing a new business relationship with a company or other legal entity, or with a trust or a legal instrument of analogous structure or functions, which must obtain, keep and supply information regarding the beneficial owners, <\/span><b>the regulated entities<\/b><span style=\"font-weight: 400;\"> shall require proof from the competent Register of beneficial owners or an extract from it.<\/span><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-24695889 elementor-widget elementor-widget-text-editor\" data-id=\"24695889\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Likewise, in relation to the <\/span><b>Register of Ultimate Beneficial Owners<\/b><span style=\"font-weight: 400;\">, specifically in the obligation to obtain, keep and access information on the Register of Ultimate Beneficial Owners, they will have the direct obligation <\/span><span style=\"font-weight: 400;\"> to provide companies and other legal entities incorporated in the Principality of Andorra with all the information necessary for the fulfilment of their obligations, i.e. to obtain and keep their information accurate and up to date. In addition, the regulated entities and the competent authorities will also have the obligation <\/span><span style=\"font-weight: 400;\">&#8211; to the extent that it does not unnecessarily interfere with their functions &#8211; to inform the Registries of any discrepancy they observe between the information concerning the beneficial owner appearing in the Register and that available to them. If this happens, the relevant Registry will take appropriate steps to resolve it.<\/span><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4376b4b6 elementor-widget elementor-widget-text-editor\" data-id=\"4376b4b6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Another relevant novelty lies in the extension of access to information on the Ultimate beneficial owners recorded in the various Andorran Registries (Register of Companies, Associations and Foundations). Until now, applicants had to prove a legitimate interest. Access to this information is regulated by adding as applicants: obliged subjects, other persons who can prove legitimate interest, and persons requesting information related to trusts or similar legal instruments that are holders of controlling interests of legal entities. The limitation on these requests shall apply when such access may expose the beneficial owner to a disproportionate risk of fraud, kidnapping, blackmail, extortion, harassment, violence, or intimidation; or if he\/she is a minor or incapacitated.<\/span><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5719efb4 elementor-widget elementor-widget-text-editor\" data-id=\"5719efb4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>Aina Serret<\/b><\/p>\n<p><span style=\"color: #a22d58;\">Aug\u00e9 Legal &amp; Fiscal<\/span><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5bba1931 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5bba1931\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>According to the Andorran Law 37\/2021, of December 16, amending Law 14\/2017, of June 22, on the prevention and fight against money or securities laundering and the financing of terrorism, specifically in art. 3.3, the ultimate beneficial owner is the natural person or persons who ultimately control the client and\/or the natural person or persons [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5461,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-5467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auge"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.augelegalfiscal.com\/en\/wp-json\/wp\/v2\/posts\/5467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.augelegalfiscal.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.augelegalfiscal.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.augelegalfiscal.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.augelegalfiscal.com\/en\/wp-json\/wp\/v2\/comments?post=5467"}],"version-history":[{"count":2,"href":"https:\/\/www.augelegalfiscal.com\/en\/wp-json\/wp\/v2\/posts\/5467\/revisions"}],"predecessor-version":[{"id":5477,"href":"https:\/\/www.augelegalfiscal.com\/en\/wp-json\/wp\/v2\/posts\/5467\/revisions\/5477"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.augelegalfiscal.com\/en\/wp-json\/wp\/v2\/media\/5461"}],"wp:attachment":[{"href":"https:\/\/www.augelegalfiscal.com\/en\/wp-json\/wp\/v2\/media?parent=5467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.augelegalfiscal.com\/en\/wp-json\/wp\/v2\/categories?post=5467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.augelegalfiscal.com\/en\/wp-json\/wp\/v2\/tags?post=5467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}