Last week on 22 January 2021, the Czech President signed a long-awaited and extensively-discussed Act on the Evidence of Ultimate Beneficial Owners.
The UBO Act sets out a revised framework for ultimate beneficiary ownership in line with the requirements of the 5MLD (EU) and provides many changes to the existing law, such as a revised definition of an ultimate beneficial owner, wider access to the UBO Registry, stricter sanctions and an automatic transcript of information about the UBO in certain cases.
