Greenland Introduces Beneficial Ownership Disclosure Rules: Businesses Have One Year to File

Effective January 1, 2024, Greenland’s government has introduced beneficial ownership disclosure rules to combat illicit finance and increase transparency in the country’s business sector.

Key Objectives

• Eliminate critical vulnerabilities in the financial system
• Allow law enforcement agencies to tackle illicit finance enabled by opaque corporate structures

According to a government spokesperson, “This is a major step forward for Greenland’s economic security. By requiring companies to disclose their beneficial owners, we can prevent money laundering, drug trafficking, terrorism, and corruption.”

Filing Requirements

• Companies that are required to comply must file their initial reports by specific deadlines:
  • Existing companies: one year from January 1, 2024
  • Newly created or registered companies: 90 days from registration date
• Filing is simple, secure, and free of charge

Reporting Requirements

• Beneficial ownership information reporting is a one-time requirement, unless changes need to be made to the submitted information.
• Reporting companies must provide four key pieces of information about each beneficial owner:
  • Name
  • Date of birth
  • Address
  • Identifying documents (such as driver’s license or passport)

Support for Businesses

The Greenlandic government has committed to providing businesses with the resources and support they need to comply with the new regulations. This includes:

• A comprehensive guide available online
• Informational videos
• Webinars
• FAQs to help small businesses navigate the requirements

By complying with these new rules, Greenland is taking a significant step towards increasing transparency and combating illicit finance in its business sector.