Commitments

11 beneficial owenrship

Country: Latvia
Action Plan: Latvia National Action Plan 2017-2019
Year Action Plan: 2017
Start Date: 7/1/2017  |  End Date: 6/30/2019

From the Action Plan

 
OPENNESS OF THE COMPANIES IN THE LATVIAN AND THEIR actual beneficiary OPENNESS OF THE COMPANIES IN THE LATVIAN AND THEIR
actual beneficiary
DEADLINE:
2017 2nd half - 2019 1st half
WHAT ARE THE STATE AND THE PUBLIC INTEREST ISSUES WHICH HELPS MEETING THIS
COMMITMENT?
Openness about company management and operation can contribute to the formation of a fair business
environment and strengthen their corporate governance, as well as to enable data for sectoral development
analysis, journalism and other forms of public interest. Information about companies operating in Latvian, and
other legal persons recorded in the Register of Enterprises (hereinafter - ER) keep a register. ER provides both
the recording of information and availability. Basic information (such as name, registration number, legal address,
date of registration) of a Latvian companies operating can be obtained free of charge ER's Web site. More
information on listed companies and the registration of cases the documents may be obtained on request, as a
paid service. The request for information ER can be carried out, for example, e-services "Request A statement
from the Register of Enterprises keep a register of the" single state and local Online www.latvija. en 65 which
recorded information about the company is issued within minutes. ER certain information available electronically in
the form of open data 66th
Since 2017, on 28 April the European e-Justice portal 67 are available in ER vest Insolvency Register 68 data, but
from 2017 on 8 June and Commercial Information 69th
Disclosure of business also contributes to ER shipped Records Information re-users who are ER data
provided on the basis of contractual information issuance contracts.
Force in 2017, there are four such agreements with SIA "LURSOFT IT", SIA "Firmas.lv", Ltd. "CREFO Rating" and JSC "Credit
reference the Office".
While ER information for issuing long-term services have not been upgraded are not available search
options ER shipped register entries online and also available in
65 See: www.latvija.lv 66 View:
http://dati.ur.gov.lv/
67 See: https://e-justice.europa.eu/home.do?action=home
68 View: https://e-justice.europa.eu/content_interconnected_insolvency_registers_search-246-lv.do?clang=lv 69 View:
https://e-justice.europa.eu/content_find_a_company-489-lv.do?clang = lv
11th
COMMITMENT
LATVIAN OPEN MANAGEMENT THIRD NATIONAL ACTION PLAN fifty three
a separate request. In order to promote information about company management and operation of the
access, it is necessary to improve and diversify the provision of information channels to improve UR's Web
site and online search capabilities, taking into account the opportunities offered by information technology in
the modernization of services more convenient and faster information availability, as well as to evaluate other
countries' best practices. With a view to provide quality information ER issuing services necessary to
promote the ER registers recording made use of. Issue of improving information services should be possible
to promote the protection of personal data in ER ER state notaries verify the documents submitted and on
the basis thereof shall make entries in registers, ensuring that it is possible to rely on the record the
information and supporting documents
Openness about the company beneficial owners OGP is one of the priority directions of activity. The OGP
Member States such as the UK, Norway, Slovakia, Australia, France and the US plans are included in the
measure linked to the actual beneficiary of openness, especially true beneficiary records. It is believed that
the availability of information on the beneficial ownership allows for more efficient fight against economic
crimes such as money laundering, corruption, fraud, tax evasion, allowing effectively track the flow of assets
to determine whether a particular person owned assets. 70
2015 May 20, was posted on the European Parliament and of the Council (EU) 2015/849 on the prevention of
the use of financial system for money laundering or terrorist financing, and to the European Parliament and
Council Regulation (EU) No. 684/2012 of the European Parliament and repealing Council Directive 2005/60 /
EC and Commission Directive 2006/70 / EC (hereinafter - AML IV Directive).
AML IV directive clarified the conditions for legal persons and arrangements actual beneficiary registration,
as well as that of disclosure. According to the AML Directive IV of legal persons of the EU Member States
should be required to get and keep an adequate, accurate and current information on the beneficial
owners and data on their shares. Additional information kept in a national central register. AML IV Directive
requires that information on legal entities beneficial owners is available to the competent authorities, the
responsible entities carrying out customer due diligence and legitimate interest in the case of any person or
organization.
In the light of these new AML IV Directive, the Cabinet of Ministers on 13 June 2017 it was approved the
draft law "Amendments to the Money Laundering and Terrorist Financing Prevention Act" in 2017 and on
28 July was adopted by the Parliament in 1st reading. Bill's amendments provides for the development of
information submission and registration UR keep a register of legal entities beneficial owners, as well as
providing information about the true beneficiaries of the provision of Money Laundering and Terrorist
Financing Prevention Act subjects fulfilling the legal requirements for customer identification and research,
monitoring and control authorities, the same legal entity as the actual beneficiaries, as well as any natural
or legal
70 Financial Action Task Force. "FATF Guidance: Transparency and Beneficial Ownership". 2014th
View: http://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-transparency-beneficial-ownership.pdf
LATVIAN OPEN MANAGEMENT THIRD NATIONAL ACTION PLAN 54
the person who will be able to demonstrate that it has a legitimate interest. MK 2017 on 13 June approved the
draft law "Amendments to the Money Laundering and Terrorist Financing Prevention Act" version determining the
persons and organizations entitled to have the right to request information about legal persons, a beneficial owner.
Latvian true beneficiary registration started already several years ago. Since
2011. The details are given in the Commercial ER for the recordable rightholders beneficial owners, but
with the information submitted by the persons authorized to only law enforcement and control authorities of
tax administration, public procurement or public-private partnerships in the field. It is expected that IV AML
Directive is implemented in the coming years as a result of information about the beneficial owners
Collection Latvian will be improved and it will be available to a wider group of people than before.
Information about the true beneficiaries of registration and making available of the Action Plan provides for
prevention of money laundering and terrorist financing hedging in 2017 - 2019 in 2017, on 3 May was up in
the Cabinet.
WHAT IS COMMITMENT?
Promote transparency on companies operating in Latvian:
• improve and diversify ER information provided by the issuing services, improving the issuance of
channels, ER's Web site and online search capabilities by promoting ER registers recording made
more efficient use and ensuring public access to them;
• Commercial availability of information to ensure a European e-Justice portal;
• to improve information on the beneficial ownership registration and the availability of effective
regulatory enactments.
HOW TO COMMITMENT will be introduced and the solution to these problems?
The commitment will be implemented with the introduction of the collection of information and the availability and use of
information available on marketing-related development activities.
HOW TO MEET COMMITMENT OGP VALUES?
Commitment to comply with all the OGP values - openness, accountability, public participation, and ICT
solutions. Execution commitment will help to ensure greater public access to information as well as
qualitative information.
LATVIAN OPEN MANAGEMENT THIRD NATIONAL ACTION PLAN 55
ADDITIONAL INFORMATION
Commitment within the framework of implementing the tasks set according to available funding.
INTERMEDIATE OBJECTIVES
1 introduced and available to the public a new website is ER
31.12.2016. - 01.10.2017.
2. Improve and diversify ER information provided by the issuing services, improving the issuance of
channels, online search capabilities ER Web site promoting ER registers recording made more
efficient use and ensuring public access to them
01.04.2017. - 01.01.2019.
3. Provide Commercial information available to the European e-Justice portal
01.11.2016. - 06.08.2017.
RESPONSIBLE PUBLIC AUTHORITIES
Business Register, Ministry of Finance
MEASURE THE IMPLEMENTATION OF RELEVANT PARTNERS
Latvian Free Trade Union

Lead Institution: Business Register, Ministry of Finance


Support Institution: Latvian Free Trade Union

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From the IRM Review

 

Overview

Design

Specificity

Not Reviewed
None
Low
Medium
High

Relevant to OGP values

Potential Impact

Not Reviewed
None
Unclear
Minor
Moderate
Transformative

Implementation

Completion at Midterm

Not Reviewed
Unclear
Not Started
Limited
Substantial
Complete

Completion at End of Term

Not Reviewed
Unclear
Not Started
Limited
Substantial
Complete

Results

Did it Open Government?

Worsened
Did Not Change
Minor
Major
Outstanding


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