Who Will Be Able to Check the Actual Owners of Companies From Now On

Slovenia is updating its legal framework to enhance transparency in company ownership while adhering to European Union regulations. A recently adopted amendment to the law on preventing money laundering and terrorist financing specifically addresses access to the register of beneficial owners. This register is crucial for ensuring transparency in ownership structures and combating financial system abuses.

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The circle of authorities that will have immediate, direct, unfiltered, and free access to the register of beneficial owners is expanding.

The core principle remains that general public access to the register is not permitted, a stance consistent with European Court of Justice rulings and new EU anti-money laundering directives. However, the amendment precisely defines which entities and individuals can access the data and under what circumstances. Amela Korlat, head of the registers and data evidence sector at the Agency for Public Legal Records and Services (Ajpes), explained that the circle of authorities granted immediate, direct, and unfiltered access is widening.

This expanded access includes various EU bodies like the Anti-Money Laundering Authority (AMLA), the European Public Prosecutor's Office, Europol, and Eurojust. Additionally, certain Slovenian state bodies will have access when performing their legal duties. This includes Slovenian authorities such as the Office for the Prevention of Money Laundering, law enforcement agencies, courts, and supervisory bodies like the Bank of Slovenia and the Financial Administration. Banks, financial institutions, and other professional entities also retain access when conducting due diligence on clients.

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The most significant change related to data accessibility brought by the amendment concerns the regulation of legal interest.

A key change introduced by the amendment concerns the concept of "legal interest." A unified system is being established to determine this interest for individuals and legal entities who are not competent authorities or obligated entities. Notably, journalists, civil society organizations, and academic circles involved in combating money laundering and terrorist financing are now presumed to have legal interest based on their function. For others, demonstrating legal interest will still be required on a case-by-case basis.

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A unified system for determining legal interest is being established for natural and legal persons who are not competent authorities or obligated entities. It also defines categories of persons for whom legal interest is presumed based on their function or activity, including journalists, civil society organizations, and academic circles involved in preventing money laundering and terrorist financing. For other persons, legal interest will still need to be demonstrated in individual proceedings.