According to Presidential Regulation No. 13 of 2018, along with 2 (two) implementing regulations, all business entities, with or without legal entity status, are required to report their ultimate beneficial owner(s) to the Ministry of Law and Human Rights (MLHR). As of February 15, 2020, every company making any kind of changes requiring a MLHR Notification or Ratification as well as newly established companies are required to submit such a statement.
On that basis, on May 20, 2020, EKONID, in cooperation with Luther LLP in collaboration with Maqdir Ismail & Partner, held an Online Roundtable with the title 鈥淯ltimate Beneficial Ownership Reporting - Implications for the Company鈥�. This Online Roundtable aimed at supporting EKONID members in obtaining information and knowledge related to the relevant regulations and recommended steps to fulfill the beneficial ownership reporting obligation.
A total of 38 participants from 24 different companies attended the roundtable. The speaker, Mr. Philipp Kersting, Partner at Luther LLP in collaboration with Maqdir Ismail & Partner, presented the purpose of the regulation, the obligations arising for corporate compliance and actions to be taken by companies but also challenging aspects in the implementation and sanctions applying.
EKONID hopes that the material of this Online Roundtable will be useful for the participating companies鈥� business activities.