Publishing Beneficial Ownership Data in a Single Registry (SK0147)

Background situation or problem addressed by the commitment: In 2018, Slovakia introduced a comprehensive obligation to record beneficial ownership data (BOD). However, this regulation lacks effective mechanisms for ex ante and ex post control of BOD data, despite such a need arising from European regulations on combating money laundering. Slovakia has received criticism in several international assessments due to this deficiency. Therefore, as part of the OGP National Action Plan 2022-2024, the MS SR committed to analyze the possibilities of introducing ex ante and ex post control of BOD in the commercial register. In response to the lack of connection between BOD information in the commercial register and the Register of Public Sector Partners (RPVS), the MS SR, in Government Resolution No. 146/2023, committed to submitting a proposal to the government by June 30, 2024. This proposal aims to ensure the harmonization of BOD data recorded in the RPVS with BOD data required by European legislation. The commitment also includes a proposal for linking the RPVS with the commercial register for the purpose of managing and providing BOD data in the commercial register, which requires the MS SR to analyze how to harmonize BOD data in its registers and how to link the registers by mid-2024. Following these commitments, the implementation of concrete legislative and technical solutions is proposed. In a related manner, the emerging IT system for the commercial register is being developed. The technical specification of the IT system includes pre-settings for integration with the RPVS information system.

Content of the commitment: The commitment includes ensuring alignment of regulations under the jurisdiction of the MS SR with the requirements for disclosing BOD data according to Directive (EU) No. 2015/849. It also introduces the operation of a technical solution linking the RPVS with the commercial register for the purpose of managing and providing BOD data in the commercial register, thereby ensuring alignment with the requirements for disclosing BOD data according to Directive (EU) No. 2015/849. The commitment needs to be coordinated with the emerging information system of the commercial register.

How the commitment will contribute to solving the problem: A complete list of BOD entities recorded in the commercial register will enable the identification of entities that have not registered their BOD, serving as the first prerequisite for effective BOD control in the commercial register. Effective verification of BOD data for entities in the commercial register will contribute to combating money laundering, terrorism, tax transparency, the application of international sanctions in Slovakia, and the fight against corruption.

Relevance of the commitment to the principles/values of OGP The commitment advances the principle of transparency and strengthens participation and accountability by enhancing opportunities for public control.

Additional information: Slovakia has long been considered a leader in the transparency of beneficial ownership data. It presents its experiences on this topic at numerous significant domestic and international forums. Within the Summit for Democracy, it is active in the thematic cohort "Financial Transparency and Integrity." Slovakia is also a member of the Beneficial Ownership Leadership Group, working under the Open Ownership initiative.

Milestones of the commitment with specific tasks:

1. Submit to the Government of Slovak Republic a proposal for legal regulation ensuring the alignment of regulations under the jurisdiction of the MS SR with the requirements for disclosing data on beneficial owners according to Directive (EU) No. 2015/849 (in its current wording). Responsible agency: MS SR, deadline by December 31, 2024.

2. Implement a technical solution for linking the Public Sector Partners Register with the commercial register for the purpose of managing and providing data on beneficial owners in the commercial register. Responsible agency: MS SR, deadline by June 30, 2026