Obligations for Foundations

The Law 1 July 2015 n.101 (Law on Foundations) has recently introduced new obligations for the San Marino foundations.  They must, among other things:

 - provide for the registration of data and information relating to the loans and funds received and their use.  The data and information and the relative documentation must be kept for at least five years from the date of receipt of the loan or from the execution of the operation of use of the funds.  Such data and information must be supplied, upon request, to the Control Committee and to the AIF for the functions assigned to it by the Law of 17 June 2008, No. 92 and subsequent amendments.  To this end, the "Loans and detailed loans" table is used, in accordance with a model adopted by the Control Committee with its own resolution;

- deposit annually with the Control Committee the financial statements and the table "Loans and summarizing loans", in accordance with the model adopted by the Control Committee with its own resolution;

- refuse any donation, conferral, assignment, donation, sponsorship, donations in any case named or donations of movable property from physical and / or legal persons who have residence in one of the non-collaborative countries, subject to monitoring, falling within the list disclosed and updated AIF;

- provide by simple request of the AIF Control Committee any information and / or documentation pertaining to the management, administration and also the use of the resources of the foundation for the adoption of the measures of respective competence;

- to keep for at least five years and to keep the list of national and international transactions available to the control committee and the AIF in order to verify that the funds have been used in compliance with the purposes and institutional purposes contained in the deed of incorporation and in the statute;

- refuse amounts and donations of cash that, with a single operation or with multiple transactions connected to the same subject, exceed the annual amount of € 1,000.00 (one thousand / 00) if not through an authorized person to the exercise of reserved activities pursuant to Law no. 65 of 17 November 2005 and subsequent amendments and with the limit set out in letter n);

- make payments for cash not exceeding € 1,000.00 (one thousand / 00) if not through a person authorized to exercise the reserved activities referred to in Law 17 November 2005 No. 165 and subsequent amendments and with the limit of referred to in letter n);

The Control Committee referred to in Article 42 of the Law 1 July 2015 n.101, the supervisory body for foundations, collaborates with AIF, in carrying out a series of activities aimed at preventing and combating money laundering and terrorist financing in the sector .

To facilitate the formalities required by law, the Control Committee on Foundations and Associations has prepared the following documents:

"Template Loans and detailed uses" => word format - excel format

"Template Loans and summarizing uses" => word format - excel format