The companies can be compulsory liquidated in Latvia
According to the Law “On combating money laundering and financing of terrorism”, which entered into force in Latvia on 29th June 2019, companies registered in Latvia and owned by foreign citizens must submit information about their ultimate beneficiaries /beneficiaries to the Latvian Register of Enterprises.
Within a month companies must submit information about their beneficiaries to the Latvian Register of Enterprises. Otherwise the Register of companies will start the procedure of liquidation of the company in a simplified manner.
Above mentioned requirement applies primarily to companies owned by foreign citizens.
The requirement does not apply to agriculture and individual entrepreneurs.
On materials of the following: https://www.ur.gov.lv/lv/jaunumi/aktualitates/pazinojums-par-lidzdalibas-iespejam-likumprojekta-grozijumi-likuma-par-latvijas-republikas-uznemumu-registru-izstrades-procesa-lidz-19-07-2019/
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