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International Internet Magazine. Baltic States news & analytics Wednesday, 19.06.2024, 22:30

Lithuania expects to launch register of beneficial ownership in 2021

BC, Vilnius, 22.10.2019.Print version
A center register of beneficial owners – individuals who ultimately own or control a legal entity – is expected to the launched in Lithuania in 2021, according the Verslo Zinios information on Tuesday reported LETA/BNS.

Next year's draft state budget earmarks funds for the creation of the register which should have started operating this year, under EU legislation, it noted. 

The EU adopted last year the Fifth Anti-Money Laundering Directive tightening up the money laundering and terrorist financing prevention requirements. Lithuania must transpose the new directive into national law by 2020,

However, the country has not yet fully implemented the Fourth Directive which requires member states to launch registers of beneficial ownership in 2019. 

According to the Justice Ministry, the 2020 budget allocates funds for the creation of a sub-system of beneficial owners. The necessary public procurement procedures are planned to be carried out in 2020, with the sub-system expected to be launched in 2021.

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