Identification And Communication Of Final Recipients To BCU

On June 26, 2017, the Executive branch issued regulations for Tax Transparency Law Nº 19,484, which requires corporations, trusts, investment funds and other corporate structures with presence in Uruguay to identify the final beneficiaries and accountholders of nominative shares to the Uruguay Central Bank (BCU). The regulations include, among other aspects, the terms, sanctions, formalities related to the obligation to transmit information on the final beneficiaries to the BCU.

Entities must provide the required information to the BCU by the following deadlines:

• For corporations with bearer shares, branches of foreign entities and certain non-resident entities: before September 29, 2017 (an extension is available in some cases).