The initiators of the bill say that the notarization requirement will help combat illicit enrichment by preventing the use of fictitious promissory notes or share purchase-sale agreements to justify the origin of one’s assets. However, critics say that additional requirements may undermine investments.
The Seimas passed the amendments by a vote of 58-14 with 30 abstentions.
It is proposed that transactions subject to mandatory notarization should include agreements by which 25 or more of shares in a private limited company are sold or which are worth more than 50,000 litas (EUR 14,500).
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