Financial Crime World

Access to Declaration of Beneficial Ownership: Who Can See It and How

France has implemented strict regulations regarding the disclosure of beneficial ownership information in an effort to combat money laundering and terrorist financing. According to Article L. 561-57 of the French Monetary and Financial Code, a limited number of individuals and entities are authorized to access this sensitive data.

Authorized Persons

The following list includes the authorized persons who can access the declaration:

  • Judges
  • Agents of the department mentioned in Article L. 561-23
  • Customs agents
  • Personnel from the Direction Générale des Finances Publiques (French Authority for Public Finance) entrusted with tax auditing and collection
  • Staff from the Autorité de Contrôle Prudentiel et de Résolution (French financial supervisory authority)
  • Investigators and supervisors from the Autorité des Marchés Financiers (another French financial supervisory authority)
  • The President of the Bar and members of the Bar Council
  • Notary inspectors
  • Court bailiff inspectors
  • Delegated licensed auctioneers
  • The President of the Conseil National des Administrateurs Judiciaires et Mandataires Judiciaires and appointed auditors
  • Members of the Anti-Money Laundering Committee of the Ordre des Experts Comptables (Chartered Accountants)
  • The President of the Conseil des Ventes Volontaires de Meubles aux Enchères Publiques (voluntary sale of furniture at public auctions)
  • Representatives for sports agents
  • Agents appointed by the administrative authority in charge of competition and consumption
  • Officers of the national police in charge of policing gambling activities

These individuals must comply with specific conditions to access the declaration.

Disclosure to Regulated Entities

Article R. 561-58 of the French Monetary and Financial Code allows for the disclosure of beneficial ownership information to natural or legal persons subject to regulations governing the fight against money laundering and terrorist financing. These entities must provide a signed declaration, including:

  • The designation of the subjected person
  • Its legal representative
  • A mention that the consultation of the declaration is part of at least one security measure provided for by the French Monetary and Financial Code

Third Parties

Article R. 561-59 of the French Monetary and Financial Code permits the disclosure of beneficial ownership information to any other person authorized by a definitive court decision.

Access to Declaration: A Step-by-Step Guide

Any person demonstrating a legitimate interest may request access to the declaration under specific conditions. The process involves:

  1. Filing a petition with the clerk of the Commercial Court, including:
    • Name
    • Profession
    • Current address for natural persons
    • Legal form, business name, registered office and body legally representing it for legal persons
  2. Notification of the order by registered letter with acknowledgement of receipt to the applicant and beneficial owner(s), indicating:
    • The form and deadline for lodging an appeal
  3. Appeal by the applicant and beneficial owner(s) if necessary

Forced Filing

Any person demonstrating an interest may file an application with the President of the Court to enjoin a company that has not already done so to file the declaration of beneficial ownership with the French Trade and Companies Registry (L. 561-48 of the French Monetary and Financial Code).

Penalties for Non-Compliance

Failure to file the declaration or filing inaccurate or incomplete information is punishable by:

  • Six months’ imprisonment
  • A fine of €7,500 for individuals
  • Up to €37,500 for legal entities (Article L. 561-49 of the French Monetary and Financial Code)