🌎 The Chilean Senate is now debating a (resurfaced) proposal to implement an ultimate beneficial ownership (UBO) registry in the country (https://bit.ly/3WVjV6Q). This is in line with Recommendation 24 of the Financial Action Task Force (FATF) as well as guidelines issued by the OECD – OCDE Global Forum on Transparency and Exchange of Information for Tax Purposes.
LatAm countries like Colombia, Costa Rica and Brazil have already discussed and adopted proposals along the same lines. As explained by César Toledo in his publication (https://bit.ly/3WXr9Yi), the proposal states that the Chilean Servicio de Impuestos Internos (SII) will be the administrator of the registry and that the requirement of informing UBOs applies to entities having individuals owning more than 10% of their equity (directly or indirectly), or who exert effective control over their operations. Save for specific exceptions (e.g., entities that receive government benefits), the data informed to the government in the registry is not going to be accessible to the general public.
Attached to this post you will find a recent presentation about the UBO registry proposal that was drafted in Spanish by the Ministry of Finance – Chile. If you are interested in learning more about UBO registries in LatAm, here is a list of articles exploring the topic that are recommended by the Latin American Tax Policy Forum (LATPF):
➡ “O Regime Especial de Tributação dos Investidores Não Residentes e a Identificação do Beneficiário Final”, by Sara Lana Passos Cambraia Furlani. Published by IBDT – Instituto Brasileiro de Direito Tributário (2020). Available in Portuguese: https://bit.ly/4dwAcVk
➡ “El estado actual de los registros de beneficiarios finales en América Latina”, by Florencia Lorenzo, Andres Knobel, Adrian Falco and Maria Eugenia Marano. Published by the Tax Justice Network (2022-2023). Available in Spanish: https://bit.ly/4dlhiRF
➡ “La figura juridica del beneficiario final como respuesta al anonimato doloso”, by Andrés Pretelt Arango – Derecho Tributario y Fiscalidad Internacional. Published by Universidad San Francisco de Quito (2020). Available in Spanish: https://bit.ly/4chq69R
➡ “Los Registros Públicos de Beneficiarios Finales en Argentina: Avances y Retroceso de un Proceso Inconcluso”, by Maria Eugenia Marano. Published by Conpedi – Conselho Nacional De Pesquisa E Pos-Graducao Em Direito (2019). Available in Spanish: https://bit.ly/3yt6H89
