The offshore secret will be annulled in a bid to ensure maximum transparency in the activity of companies in the Republic of Moldova. The Cabinet on October 13 approved a bill to amend the law on the state registration of individual entrepreneurs and legal entities, IPN reports.

Under the document, there will be published the list of the effective beneficiaries of all the companies with founders in jurisdictions that do not ensure transparency. The citizens’ access to information from the State Register about the effective beneficiaries will be ensured by the Public Services Agency. This will be available on all the existing platforms where open data about companies are published.

“The major goal is yet to eliminate a large hotbed of grand corruption, financial crimes, tax evasions as it is known that the offshore secret poses risks to the economic security and stability of the state,” said Minister of Justice Sergiu Litvinenco.