They gather on the beneficial owner register “matters of particular complexity” related to privacy that “they require in-depth analysis”: from these considerations comes the new suspension on compliance by the State Council who expressed himself on the topic on May 17th with several ordinances.
We proceed from the debut of data communication between doubts and sobs: the original deadline was expected in December, remained in stand by awaiting the ruling of TAR of Lazio, Regional Administrative Courtwhich then did not accept the appeals presented, was also confirmed by Ministry of Business and Made in Italy for April 11th.
With this new intervention, the matter is postponed to September and sanctions are also frozen for those who have not yet come into compliance.
Register of beneficial owners: suspension until September by the Council of State
The register of beneficial owners was introduced and regulated by ministerial decree no. 55 of 11 March 2022 as part of the anti-money laundering legislation and provides for the communication, through the business register, of data relating to “natural person or natural persons to whom direct or indirect ownership can be traced back pursuant to article 20, paragraphs 2, 3 and 5, of the anti-money laundering decree” of the entities concerned.
For sending information have been granted 60 days starting from October 10thstarting date of the fulfillment: the hourglass of time available, however, has been blocked, the December 7, close to the deadline due to the critical issues highlighted, in particular in terms of privacy and on thewide-ranging access to dataand then left again April 9th with the negative opinion of the TAR on the appeals presented.
Companies but also associations and foundations were asked to transmit their data by deadline of April 11th.
But the term has no place until the questions raised and with the opinion of the Council of Statewhich arrived on May 17th with multiple orders, a new stop on compliance: everything remains still until the next one September 19th.
Register of beneficial owners, new suspension: the reasons of the Council of State
The motivations? “The issues raised by the parties are of particular complexity and require in-depth analysis of the merit phase, with particular reference to issues of compliance of internal legislation with EU law and to the same validity of some of the provisions of the Directive to higher-level Union law” it is read.
And furthermore: it is considered that in balancing the opposing interests, “the prevalence of that of the appellant company must be considered which, in the absence of a precautionary measure, would be burdened with a complex of obligations which, at the end of the merit phase, could result not legitimately imposed”.
In the meantime the suspension resulting from the rulings of the Council of State puts pause the log with significant effects for those who had not respected the deadline April 11th and they would have had to comply by paying a fine ranging from a minimum of 103 euros up to a maximum of 1,032 euros.
