Uruguay expands scope of beneficial ownership regulation

Pedro Gonçalves
clock • 1 min read

Uruguay has revised the legislative framework which establishes entities' obligations to identify their ultimate beneficial owners (UBOs) to also cover trusts issuing shares or securities, among other entities. Under the rules, a beneficial owner is one holding, directly or indirectly, 15% of an entity's capital, or who otherwise exercises final control over the entity. Following the amendments, the penalty for failing to identify said owners will not be imposed if they meet four requirements. If an entity is able to prove to the Ministry of Economy and Finance's National Internal ...

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