France Establishes Register of Beneficial Owners of Corporations and Other Entities
In an effort to prevent money laundering and fight the financing of terrorist activities, France has adopted requirements for the identification and registration of beneficial owners of corporations and other entities registered in France. The requirements were incorporated into French law as required of EU Member States by Directive (EU) 2015/849, approved in May of 2015. Those falling under the new requirements include all unlisted companies (civil and commercial) and economic interest groupings that have their registered office in France, foreign commercial companies having a French branch, and other legal persons required to register under French law.
This Jones Day White Paper explains the definitions, obligations, procedures, and potential penalties associated with the beneficial owner registration requirements.