CJEU on disclosure of beneficial owner information
In EU member states, the legal regulation of beneficial owners and their registration is based on the AML Directive. Under the directive<…
Revolution in AML to affect all legal entities
With the implementation deadline for the fifth AML Directive approaching, preparations of legislative proposals transposing it into Czech laws are underway, including, among others, an…
Information duty towards tax administrators extended again
Right after New Year’s Day, the government submitted to the Chamber of Deputies an amendment to the Tax Procedure Code, significantly expanding the extent of information that the tax authority may request from third parties. The extended information…
Duty to identify clients and ascertain beneficial owners
According to the ruling of the Municipal Court in Prague, it is not possible to simply identify a statutory body, director or other top manager as the beneficial owner in cases of unclear ownership structures, as such persons may not be in a direct…
Amendment significantly expands reporting duties towards tax authority
In mid-February, the Ministry of Finance submitted an amendment to the Tax Procedure Rules for an accelerated comment procedure. This amendment should ensure access to other information about taxable entities and their bank accounts to tax and other…
AML rules even stricter
The transposition of the new EU directive on the prevention of the use of the financial system for money laundering or terrorist financing purposes is far from complete. However, the…