The Companies and Intellectual Property Commissioner, through an announcement, has urged all companies established or registered under the Companies Law, Chapter 113, all European Public Limited Liability Companies (SE), and all Cooperatives or their officials/partners to enter the Register of Ultimate Beneficial Owners by March 31, 2024, and to take the following actions:
- Registration of Ultimate Beneficial Owners.
- Declaration of their exemption according to Article 3(1)(a), (b) of Directive CPD112/2021, as amended and in force.
- Exercise of the Due Diligence right where and when applicable.
Furthermore, the Commissioner clarifies that:
- Every company official retains the right to resign from the position held by registering a Sworn Declaration with the Department of Companies and Intellectual Property Commissioner.
- Companies that have filed a deletion request before March 12, 2021, are exempt from the obligation to register the details of Ultimate Beneficial Owners.
Companies undergoing deletion proceedings, which have not been completed either because they are not compliant with their obligations to the Department or to other Departments/Services, are obliged to register the details of Ultimate Beneficial Owners within the prescribed deadline, i.e., by March 31, 2024.
Turkish-occupied companies, according to Note 2 of Law No. 149(I)/1999 special provision and 391(A) of the Companies Law, Chapter 113, are obliged to register the details of Ultimate Beneficial Owners within the prescribed deadline, i.e., by March 31, 2024.
Finally, it is emphasized that from April 1, 2024, financial penalties and other sanctions will be imposed, in accordance with the provisions of the Law on Prevention and Combating of Money Laundering from Illegal Activities and Directive CPD112/2021, as amended and in force.
