UBOs refer to individuals or groups that own or control a company, organization, or trust. Beneficial owners can be difficult to identify, and this can make it easier for criminals to launder money or engage in other illegal activities.
In Finland, beneficial owners are defined as individuals who directly or indirectly own more than 25% of a company's shares or voting rights, or who otherwise exercise control over the company.
To help combat money laundering and other financial crimes, Finland has implemented strict regulations around UBOs. Companies are required to identify their beneficial owners and register them with the Finnish Trade Register. The information must be kept up to date and made available to authorities upon request.
In addition, Finland has implemented a public UBO registry, which allows anyone to access information about a company's beneficial owners. The registry includes the name, date of birth, nationality, and country of residence of each beneficial owner, as well as the nature and extent of their ownership or control.
Any changes to the beneficial ownership of a company must be reported to the Trade Register within four months. Failure to comply with these regulations can result in fines or other penalties.
Overall, Finland's strict regulations around beneficial ownership help to promote transparency and prevent financial crimes. By requiring companies to identify and register their beneficial owners, Finland is taking an important step towards combatting money laundering and other illegal activities.