Client Alert 03 Aug. 2021

Disclosure of Beneficial Ownership in 2021 — France Perspective (International Insight)

The full-length alert is available for download with the footnotes here.

As illustrated in our previous Client Alert of this series, Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 (5AMLD), amending and supplementing Directive (EU) 2015/849 (4AMLD) on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, has strengthened the arrangements for keeping records of beneficial owners.

The EU Beneficial Ownership regulation has been transposed in France through Act no. 2016-731, of 3 June 2016 and Order no. 2016-1635,1 of 1 December 2016. Subsequently, the Beneficial Ownership framework has been amended and supplemented first by Decree 2017-1094 dated 12 June 20172 and then by Order no. 2020-115 and Decrees no. 2020-118 and no. 2020-119, of 12 February 2020 who have implemented the 5 AMLD.