Law N° 19.484 was enacted on January 5, 2017 (the
"Law") to establish certain norms in accordance with
international standards related to: international fiscal
transparency, tax information Exchange, and prevention of asset
laundering. The Executive Branch is working on its regulation,
which is expected to be issued soon.
Reporting Requirements. Corporate Ownership
Identification. Under the Law, final beneficiaries of corporate
shares must be identified and registered with the Central Bank of
Uruguay ("BCU"). The final beneficiary is considered the
natural person who directly or indirectly holds at least 15% of the
capital or exercises final control over the company.
Regulated Entities. The entities subject to the
new reporting requirement are: entities that are Uruguayan tax
residents, non-resident entities that act through permanent
establishments in Uruguay, or are holders of assets located in
Uruguayan territory amounting to more than 2,500,000
