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New requirement to disclose ultimate beneficiaries in Latvia

06-12-2017

Starting from 1 December 2017, all Latvia based legal entities, such as private limited companies, public companies, partnerships, religious organisations and other incorporations, must register their ultimate beneficiaries in the Latvian public register database. Ultimate beneficiaries are individuals who own or control the legal entity. The requirement shall be met by already incorporated bodies and also by the new ones, which are registered from 1 December 2017. 

Starting from now, all legal changes that the legal body will submit for registration at the Latvian public register must include information about ultimate beneficiaries; otherwise the registration process will be postponed. The information to be submitted to Latvian public register must include the names of the beneficiaries, passport or ID card data, declared addresses, the type of control over the entity and other issues.

The new requirement is coming along with the changes in the Law on Prevention of Money Laundering and Terrorist Financing.     

The new requirement will be met by HD Forest each time the legal changes shall be registered within Latvian public register, so there is no special actions you should take before that.  If you have any questions regarding the above-mentioned, please contact HD Forest CFO, Reda Velde: red@hdforest.com.

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