The Parliament of
Albania recently announced amendments in
the Law on the register of beneficiary owners, through a
new draft law The changes made are substantial and directly
affect the process of declaring beneficial owners, as well
as, the current situation of many of the reporting
entities.
The first change is met in the reporting deadlines of
new reporting entities, which have been extended by 10 days. The
deadline for declaring the beneficial owners of new entities has
changed from within 30 days to within 40 days from the date of
establishment.
The deadline for responsible
authorities to review the application for UBO
registration is decided to be 2 working days.
Within this period, the application must be
accepted, if it is correct, returned for completion of
documentation, if there are deficiencies or rejected, if
there are inaccuracies.
