The Department of Registrar of Companies and Intellectual Property announces that all companies incorporated or registered under the Companies Law, Cap. 113, all European Public Limited-Liability Companies, and all partnerships, along with their respective officers/partners, are required to access the Beneficial Ownership Register system between October 1, 2024, and December 31, 2024, to confirm the details of their beneficial owners (BO), senior management, or due diligence information, as applicable in each case.

Failure to confirm the relevant details in the Beneficial Ownership Register by December 31, 2024, will result in a financial penalty of two hundred euros (€200) on the first day of non-compliance, followed by an additional penalty of one hundred euros (€100) for each subsequent day of non-compliance. The total penalty is capped at twenty thousand euros (€20,000), regardless of any criminal liability or prosecution of any person.

As always, M. Target Group specialists remain at your disposal should you require any further information, clarification or professional assistance with any tax matters.