This is to update you on a number of important changes to the law that will affect many of you – particularly those of you who are not advocates
If your business includes establishing or administering trusts, there is a new requirement to notify this officially to the Trade Licencing Office. This new requirement was not well publicised, and so some members may have missed it – the deadline expired already in March 2021.
If you have not already notified this trade then we recommend you do so as soon as possible since you are exposed to a possible fine. There is some helpful information and a summary of the new obligations here (in Czech):
We are also aware of the recent controversy on this topic initiated by ČAK due to a certain range of legal services being included under a free trade license (no. 80) based on Government Order No. 208/2021 Coll. coming into force as of 1st July 2021. We will be monitoring this situation carefully as it evolves and will report in due course since ČAK will be challenging this law which is likely to be reviewed. However, this is a timely reminder to members to ensure that if you are providing legal services in the context of the Law on Legal Services then you must ensure that such services are provided only by, or under the supervision of an advocate who is a member of the Czech Bar Association (ČAK).
There are other important changes which we will be highlighting in a forthcoming seminar, but two important points to mention now arise from the most recent changes to Act No. 253/2008 Coll.
– You must review, update and document your AML processes
– You have an obligation to notify FAU of a contact person (§ 22) responsible for reporting suspicious transactions
As we mentioned, we are working on putting together a seminar on these and a number of other important changes. We will keep you informed as to progress with this