December, 2016: Obligation of legal entities to receive, keep and disclose information on their beneficial owners
Article 6.1. of the Federal Law of 07.08.2001 No. 115-ФЗ “On Struggling against Money Laundering and Terrorism Financing” (hereinafter—the Federal Law), sets out that since December 21, 2016, the obligations on legal entities to disclose the information on their beneficial owners, that is on the individuals who eventually, directly or indirectly, own (have more than 25% of interest in the capital) the legal entity, or have the ability to control the latter’s activities. All legal entities will be required to have the information on their beneficial owners and store it for at least five years from the date of receipt. The information on the beneficial owners should be updated at least once a year.