The Department of Registrar of Companies of the Ministry of Energy, Commerce and Industry announced on 06 August 2021 that following a legal opinion from the Attorney General, all Partnerships registered in the Registrar of Companies pursuant to article 50 of the General and Limited Partnership and Business Names Law (Cap. 116) have the obligation to enter their beneficial ownership details onto the Beneficial Owner system. (‘hereinafter BO’).
Therefore, partnerships are considered legal entities that are registered with the Registrar of Companies and fall under the interpretation of “other legal entities” on Prevention and Suppression of Money Laundering and Terrorist Financing Law, 2007 (Ν188 (I)/2007).
Availability of the system
For the time being, the submission of beneficial owners details for Partnerships onto the interim solution system is not currently available. The system is being updated and it is expected to launch by early October, while a relevant announcement will be issued by the Registrar of Companies.
The process for Partnerships will be similar to that of the submission of beneficial owners details for companies.
Partnerships are advised to proceed with the creation of a profile on “ARIADNE” following the procedure that also applies for companies, please refer to our previous article 9 March 2021.
Resources
- Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing (Beneficial Owners) of 2021
- Amending Directive (ΚΔΠ 317/2021)
- Guidance for the Interim Solution of the Beneficial Ownership Register
- e-filing services login to the BO register.
- Ariadni portal
- Frequently Asked Questions.
