Law 14/2017 of 22 June 2017 on preventing and combating money or securities laundering and the financing of terrorism provides for the obligation of companies, associations and foundations incorporated or registered in Andorra to obtain information on beneficial owners and to keep it accurate and up to date. This obligation has been developed by the Regulation regulating the recording and access to information on beneficial ownership in the registers of legal entities, approved on 5 September 2018 by the Government of Andorra.
This regulation develops the procedures for providing the Register of Commercial Companies, the Register of Associations and the Register of Foundations with the information relating to beneficial owners and for this information to remain updated in the corresponding register. The regulation also regulates the procedure for access to this information by obligated parties and by persons and organisations with a legitimate interest.
Based on the provisions of the regulation, companies, associations and foundations could provide information on their beneficial owners until 31 December 2018. As of this date, obliged entities are obliged to communicate any change of beneficial owners in order to update the registered information.