An online meeting of the Working Group on the Administrative Instruction on Beneficial Ownership took place on 25 May 2021 within the framework of PECK III project to present the outcome of the review carried out by the Council of Europe of the draft Instruction regulating beneficial ownership.
The participants discussed the comments and recommendations of the review including the cascading implications of the existing definitions of beneficial owner and legal person, the need to accurately distinguish between legal entities and legal arrangements and addressing the beneficial ownership by the NPO sector. As a result of the discussion and provided comments additional consultations will be carried out before the finalised Instruction is submitted for Government adoption.
PECK III project will further support the authorities in regulating and enhancing capacities on transparency of beneficial ownership and its regulation in line with international standards and good practices.