Dear Reader,
This newsletter has been prepared by COBALT pan-Baltic Corporate practice group and covers the legal challenges in disclosure of beneficial owners in the Baltic States.
It has already been a while since the Baltic States have introduced the provisions of the Directive 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “Fourth AML Directive”) in their national laws. However, while starting from the same provisions of the Directive, the three Baltic countries have each ended up with a different set of obligations for ultimate beneficial owners (“UBOs”) of companies.
On the date of this newsletter Latvian and Estonian companies have already disclosed their beneficial owners, whereas in Lithuania the deadline for the disclosure is approaching fast. The purpose of this newsletter is to remind companies about their obligation to disclose beneficial owners in Lithuania, as well as to update on the recent developments in respect of disclosure of beneficial owners in Latvia and Estonia.
With kind regards, COBALT Law offices
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