New law makes companies reveal real owners

Albania plans to require companies to identify the people who ultimately own or control them.

A new law under public consultation would make companies keep ownership records accurate and up to date.

It would also cover control hidden through other companies, private agreements or influence over business decisions.

Banks and other regulated institutions would have to report conflicting information. Companies that fail to comply could face tougher penalties.

The National Business Center would verify declarations instead of only recording them.

The government says the changes would close gaps used to conceal ownership and launder money.