Firms operating in Turkey are now required to disclose their
"Beneficial Owner" information. The regulation is in
parallel with the global practice.
Dear Fortune readers, I would like to share with you my views on
the "beneficial owner" disclosure in this article.
In parallel with the standards laid by the OECD's Financial Action Task Force on Money
Laundering (FATF), some regulations are introduced in our country
in an attempt to contribute to the ongoing struggle against money
laundering.
One of these regulations is related to disclosing the
"Beneficial Owner" information. To that end, the General
Communiqué No. 529 on Tax Procedure Law stipulates as a
requirement the provision of information on the person authorized
to represent the company or the partner in corporate taxpayers and
general partnership companies, one of the active partners in
partnerships not limited by shares, the person holding the highest
amount of shares in ordinary partnerships, and the
