Moncloa announces a registry that reflects the real ownership of companies to comply with the EU and prevent money laundering

The Ministry of Justice will be in charge of drafting the Royal Decree

MADRID, 31 Ene. (EUROPA PRESS) -

The Government plans to approve a Royal Decree this year to comply with what is established by the European Union (EU) and create a registry that allows accurate and updated information on the beneficial ownership of companies with the aim of preventing the system from being used for money laundering or terrorist financing.

This is stated in the 2023 Annual Regulatory Plan of the General State Administration, collected by Europa Press, which contains the legislative or regulatory initiatives that the different ministerial departments plan to submit to the Council of Ministers this year.

According to said plan, the Ministry of Justice directed by Pilar Llop will be in charge of drafting the Royal Decree that aims to "complete" the transposition of European directive 2018/843, which modifies the previous one --adopted in 2015-- on the prevention of the use of the financial system for money laundering or terrorist financing.

The Royal Decree in question will have among its main objects the creation of the Registry of Beneficial Ownership and the approval of its Regulations, which will establish "a system of public access to information on beneficial ownership by authorities, obliged subjects and individuals ( in the latter case provided they can demonstrate a legitimate interest)".

The new standard is intended to comply with the European directive that states that member states must "ensure that companies and other legal entities incorporated in their territory obtain and maintain adequate, accurate and up-to-date information on their beneficial ownership."

From the EU they have stressed that "the need for accurate and updated information on the real owner is a key factor for locating criminals, who, otherwise, could hide their identity behind a corporate structure."

The Directive warns that the "global interconnectedness of the financial system makes it possible to conceal and move funds around the world, and money launderers and terrorist financiers, along with other criminals, have increasingly exploited this situation." .

From the Executive they have specified that the Annual Plan in which this new Royal Decree is inserted has been coordinated by the Ministry of the Presidency and prepared based on the initiatives of the different ministerial Departments by the Planning and Regulatory Evaluation Board.