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).
- Holders of powers of attorney.
- Trustee (except in specific cases provided for in the legislation).
- 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.
Failure to report beneficial ownership will result in penalties, with possible reduced payment if made within sixty days of notification.