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Albania adopts UBO regulation amendments
As of 27 January 2022 the Parliament of Albania approved amendments to the Law 112/2020 “On the Registry of Beneficial Owners” proposed by the Ministry of Economy and Finance in order to increase the reporting of beneficial owners by simplifying the registration procedures.
- Deadline for registration is extended. Reporting entities registered in the Commercial Register with indirect ownership as well as reporting entities registered in the Register of Non-Profit Organizations that have not registered their BOs yet, must fulfill their obligations by the extended deadline of 30 June 2022. In case of non-compliance, they may be fined with the amount of 400,000 ALL. (approx. EUR 3,295).
- Discharge of fines: All state penalties imposed prior to these amendments are withdrawn in their full amounts. In the event of penalties having already been paid, the reporting entities are able to apply to the National Business Center for a refund.