Regulatory Alerts2020-03-17
Law 129 of March 17, 2020 Creating the Private and Unique Registry of Beneficial Owners of Legal Entities
The Costa Rican legislature enacted Law 129 on March 17, 2020, to establish a centralized private registry for tracking the beneficial owners of legal entities. This mandate requires all domestic and foreign corporations, associations, and other legal persons to disclose their ultimate beneficial owners to designated authorized entities. The law establishes compliance procedures, reporting timelines, and administrative sanctions to ensure transparency and prevent financial crimes.
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