Despite implementing EU financial crime reforms well ahead of last month’s deadline, there are still question marks over the Czech Republic’s hardline stance on beneficial ownership.
The 4th Anti-Money Laundering Directive (4th AMLD) has already been in effect since the turn of the year in the country, but there are certain aspects of the new laws that are not yet fully operational.
According to Vladimir Cizek, a partner at Schoenherr’s Prague office, and Natálie Rosová, an attorney at the same firm, the new rules have extended the definition of beneficial ownership and placed tougher recordkeeping requirements on regulated firms.
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