Bill to block company registrations on national security grounds

Officials said on Thursday they’re working on legislation giving authorities the discretion to bar the registration of companies for reasons of national security where such entities are controlled by non-EU nationals.

The thrust of the legislation has to do primarily with concerns over the registration of companies whose ultimate beneficial owners (UBOs) are Turks.

In parliament, officials acknowledged instances of companies registered in the Republic and where the UBOs are of Turkish nationality.