Beneficial Ownership Transparency, a Helpful Steppingstone on Two Fronts
Thursday, Sep 14, 2023 From 09:00 to 11:00
Jurkovičova Tepláreň, Bottova 1, Bratislava
After committing to increase beneficial ownership transparency (BOT) in the 2010s, Slovakia has taken essential steps in implementing two unique beneficial ownership registers with different attributes and characteristics. In accordance with the Anti-Money Laundering Directives of the EU, a standard register of beneficial owners was established for all companies. It is part of the Register of Legal Entities and companies themselves provide data to the register.
With the experience with shell companies, which won several public procurements of high value, a separate requirement came to question to reveal the ownership structures of companies that enter financial relations with the state. On this basis, a globally unique Register of Public Sector Partners was created. The data on beneficial owners of companies is registered by external verifiers and there is a broader range of obligations and sanctions associated with this mechanism.
Slovakia is at the forefront of multiple international efforts to strengthen norms and practices around beneficial ownership transparency, including the Summit for Democracy and the Open Government Partnership, and has received international praise for its ongoing efforts to implement an effective BOT regime. At the same time, however, two registers are in force, and they collect very similar data at different costs and obligations on the private sector's side.
AmCham Slovakia together with CIPE cordially invites you to attend a Business Breakfast to discuss the current BOT regime, and to find out more about the future efforts by the Slovak government on BOT. Also, the event will focus on the views of the business community and state representatives' positions to identify overlaps in interests between the state & business community.
- Daniel Zigo, Faculty of Law, Comenius University Bratislava
- Jaroslav Lexa, Vice-Chairman of the Office for Public Procurement SR
- Andrej Leontiev, Managing Partner, Taylor Wassing Law Firm
- Michal Brucháč, Regulatory and Public Affairs, SLOVNAFT
- Luciána Malovcová, Business Law Coordinator, European and International Relations Division, Department of International Law Ministry of Justice of the Slovak Republic
- Ronald Blaško, Economist (Moderator)