Norway: Adoption of the Beneficial Ownership Register Act

On February 7, 2019, the Norwegian parliament adopted the proposal for a new Beneficial Ownership Register Act (lov om register over reelle rettighetshavere) in its first reading. The bill implements Chapter III of the 4th Anti-Money Laundering Directive regarding beneficial ownership information.

As such, the bill will apply to all legal entities conducting their business in Norway and introduces obligations such as collecting and reporting information on their beneficial owners. Failure to comply with the reporting requirements will be sanctioned by fines or imprisonment, as stipulated in the act.

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