22 February 2021
The Italian Data Protection Authority (Garante per la protezione dei dati personali) has reportedly issued a positive opinion (approval) for the draft Ministerial Decree for the implementation of the beneficial ownership registry for companies, other entities, and trusts, as per the Fifth Anti-Money Laundering Directive (Directive (EU) 2018/843). Although Italy has already approved the transposition of the Directive through Legislative Decree No. 125 of 4 October 2019, the actual implementation of the beneficial ownership registry is pending the finalization of the draft Ministerial Decree, which was published for consultation in December 2019. As per the draft Ministerial Decree, information is to be first reported by 15 March 2021, with companies established later to provide information within 30 days of establishment, and any changes in information to also be provided within 30 days. Given that the Ministerial Decree has not yet been finalized, it is possible that the initial deadline may change.
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