BENEFICIAL OWNERSHIP LEGISLATION INTRODUCED TO COLOMBIAN SENATE

On 16 December, STEP reported that a Bill has been introduced to create a beneficial ownership registry managed by the National Tax and Customs Directorate (DIAN).  It proposes increased transparency, AML and anti-corruption measures that aim to bring the country in line with FATF recommendations. The Bill mainly addresses legal persons with residence in Colombia but includes foreign companies with subsidiaries in Colombia, as well as trusts and NPO.  Ownership or control is 5% or more of capital or voting rights of a legal entity, or 5% or more of the assets, income or profits of the legal entity. In the case that no natural person is identified as having such ownership or control, the legal representative or the person with greatest authority in terms of management and direction of the entity must be identified.

https://www.step.org/industry-news/beneficial-ownership-legislation-introduced-colombian-senate

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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