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The decree, fully implementing the obligations of the EU Money Laundering Directives, establishing the Italian register of ultimate beneficial owners (UBO Register) pursuant to article 21, paragraph 5, of Legislative Decree 231/2007, as amended and restated (Italian AML Law) has been adopted by the Italian Ministry of Economy and Finance (MEF) in coordination with the Italian Ministry of Economic Development (MISE) and published in the Official Gazette on 25 May 2022 (Decree). Pursuant to article 21 of the Decree, the respective legal entity must communicate and register its beneficial owners with the Italian Registry of Companies (Registro Imprese). The information is registered in a specific section of the Registry of Companies and the filing may only be made electronically.

The Decree entered into force on 9 June, 2022. MiSE has 60 days from this date to adopt a measure attesting to the functioning of the system for reporting information about companies’ ultimate beneficial owners.

Within 60 days from the publishing of the MiSE measure, obliged entities will be required to make disclosures in this system regarding their ultimate beneficial owners.