On 9 October, the Decree of the Ministry of Enterprise and Made in Italy entitled “Certification of the operability of the system for the communication of data and information on beneficial ownership” was published in the G.U. General Series n.236. This has a clear objective: to prevent the financial system from being used inappropriately, combating money laundering and the financing of terrorism through knowledge of data and information on beneficial ownership. Therefore, Italian companies must identify the beneficial owner and communicate it.
Below, we indicate who the obliged parties are, and how to identify their beneficial owners, according to Anti-Money Laundering Decree no. 231/2007:
- Companies with legal personality (limited liability companies, public limited companies, limited partnerships and cooperative companies).
- Owns more than 25% of the capital.
- Controls the majority of votes in Ordinary Assembly.
- Control of sufficient votes to have dominant influence in the Assembly.
- Possession of powers of legal representation, administration or management of the company.
- Private legal entities (associations, foundations and other private institutions).
- Founders
- Beneficiaries
- Holders of powers of attorney.
- Trusts.
- Constituent.
- Trustee (except in specific cases provided for in the legislation).
- Beneficiary.
- Person exercising control over the trust or the assets transferred to the trust through indirect ownership or by other means.
Once the beneficial owners have been identified, notification must be made to the Commercial Register of the competent Chamber of Commerce by digital form TE, before 11 December 2023 (within sixty days from the publication of the measure or thirty days for companies incorporated after 9 October 2023).
In addition, companies must report their beneficial ownership annually, within 12 months after the last notification or confirmation.
PENALTIES
Failure to report beneficial ownership will result in penalties, with possible reduced payment if made within sixty days of notification.
Do you need help in Italy?
Auxadi can become your ideal partner in Italy. We offer a one stop shop value added outsourcing services in the areas of accounting and reporting, tax compliance, payroll management and representation services, among others.
Local Knowledge – International Coverage
Founded in 1979, Auxadi is a family-owned business working for multinational corporations, private equity funds and real estate funds. It’s the leading firm in international accounting, tax compliance and payroll services management connecting Europe and the Americas with the rest of the world, offering services in 50 countries. Its client list includes many of the top 100 PERE companies. Headquartered in Madrid, with offices in US and further 22 international subsidiaries, Auxadi serves 1,500+ SPVs across 50 jurisdictions.
All information contained in this publication is up to date on 2023. This content has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice.No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this content, and, to the extent permitted by law, AUXADI does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.