In order to ensure greater transparency and legality in the economic system, there is a need to identify who are the beneficial owners of companies and other entities, such as foundations, trusts and associations. Above all, there is a need to combat organised crime, money laundering, but also those who commit other serious crimes, such as terrorism. The Register of Beneficial Owners has been introduced also in Italy, the founding regulation of which came into force a few weeks ago on 9.6.2022

All these subjects will have to give the necessary information to the chambers of commerce by electronically sending a self-declaration. All subsequent changes to the beneficial owner must also be reported.

The data of the person in question, his share in the company and the powers concretely exercised must be communicated, for legal persons, whereas the person's tax code and registered office are owed for other entities.

The sanctions for non-compliance are currently limited, but it is well possible that they will be reconsidered over time, to make the rule more effective.

A privacy issue arises, however, regarding the accessibility of data. First of all, the authorities and those obliged to verify actual ownership, such as lawyers, insurance companies and banks, will have free access, albeit regulated by special agreement with the chamber of commerce. But third parties may also request to have a whole set of information, i.e. the surname, month and year of birth, country of residence and citizenship of the beneficial owner and how he qualifies as such. At least in the latter case, however, the beneficial owner may object to the disclosure of the data, although it is not a judge but the chamber of commerce that will actually decide.

This is therefore an important but also delicate instrument; it will be important to see how it is used in practice in the first months of the Register's validity and also to understand how it can be used by everyone, especially businesses and professionals .

 updated July 2022