French Polynesia Introduces Beneficial Ownership Disclosure Requirements to Combat Money Laundering

New Reporting Obligations for Non-Listed Entities

In an effort to strengthen its anti-money laundering framework, French Polynesia has recently introduced new reporting obligations for non-listed entities registered with the Registre du Commerce et des Sociétés (RCS). This move aims to populate a national beneficial owner registry in line with European Union Directive 2015/849.

What are Beneficial Owners?

For the purpose of these regulations, beneficial owners are defined as:

• Individuals who hold direct or indirect control over an entity’s capital, voting rights, or management
• Those who exercise effective control over a company’s shareholders’ meetings
• Any person acting as the entity’s legal representative in the absence of an effective beneficiary

Reporting Requirements

Each entity must submit a report detailing its beneficial owners. The report must include:

• Identification of the beneficial owner(s)
• Their role and position within the entity
• Their percentage of ownership or control

The reporting deadline is as follows:

• March 31st, 2018, for all existing entities (failure to comply may result in a €7,500 penalty and up to six months’ imprisonment)
• Within 15 days of registration for new entities
• Within 30 days of any changes to the entity or its beneficial ownership

Importance of Accurate Reporting

The French Polynesian government has emphasized the importance of accurate and timely reporting, citing the need to prevent money laundering and terrorist financing. BDO is offering expert guidance on the new regulations and requirements to facilitate this process.

Get Expert Guidance

For more information on how these changes may affect your business or organization, please contact Virginie Deflassieux or Catherine Le Pelley at BDO.