In a world where transparency is always increasing: the US has adopted the “Legea privind transparența corporativă” requiring the disclosure of any Beneficial Owner having over 25% control.

The Act includes the LLCs and Statutory Trusts as reporting entities.

This will be enforced no later than: 1st January 2023.

Failure to comply with the Act’s reporting requirements can result in civil penalties of up to $10,000, as well as jail time in the case of criminal non-compliance.

It is now crucial to organize your affairs and structures in a compliant matter prior to the deadline. Contact us to know how this can affect you.

The law is available for download below: