Loi portant modification de la loi du 18 septembre 2017 relative à la prévention du blanchiment de capitaux et du financement du terrorisme et à la limitation de l’utilisation des espèces

The Law of 8 February 2023 amends the Law of 18 September 2017 on the prevention of money laundering and terrorist financing and the limitation of the use of cash.
The present Law partially transposes Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 on access to insurance and reinsurance activities (Solvency II), EU Directive 2014/65/EC on financial instrument markets, and EU Directive 2015/849 the prevention of the use of the financial system for money laundering or terrorist financing (4AMLD) into national law.
The present law modifies Article 68 of the Law of 18 September 2017 relating to the prevention of money laundering and terrorist financing and the limitation of the use of cash is supplemented by a paragraph with the following wording: „The Minister of Justice notifies the European Commission, the EBA, and other Member States of the identity of the coordination bodies as defined in Article 4, 14°.“
Article 74 of the same law is completed a paragraph between paragraphs 1 and 2, specifying the functions of the UBO (Ultimate Beneficial Owner) register. The register is thereby tasked with processing and providing information to various authorities and entities for the purposes of protecting the financial system, enforcing and monitoring obligations related to embargoes and asset freezes, ensuring transparency of legal entities and arrangements, and identifying and verifying data of beneficial owners. The UBO register is intended to prevent the abusive use of legal entities and arrangements, such as tax evasion, by providing transparency and accountability.
Article 75 of the same law is amended in order for the UBO register to collect and process personal data of beneficial owners, including identification, contact/residence, ownership categories, economic interests, and date of ownership. The register is managed by the government and accessible to certain authorities, obligated entities, and individuals with a legitimate interest. The data is kept for a maximum of 10 years.
The present Law of 8 February 2023 entered into force the day of its publication.