Israel has plans to create a beneficiary-owner registry.
The Ministry of Justice in Israel has recently published the fundamental principles for the establishment of a UBO (Ultimate Beneficial Owner) registry that aims to include both Israeli and foreign companies with a significant link to the state and pose risks related to money laundering and terrorism financing. The disclosure requirements are not limited to corporate entities and will extend to other types of structures as well.
The UBO information to be collected should encompass the full name, identification number, citizenship, and address. Additionally, details about the conditions under which the ultimate owner exercises control (e.g., ownership of shares exceeding 25%) must also be provided.
It is important to note that the registry itself will not be publicly accessible.
Regarding the duty to disclose information about the ultimate beneficial owner, the proposal suggests placing the responsibility on the ultimate owner directly, in addition to the obligations imposed on the companies themselves.