Legal persons and other legal entities will soon be required to register their ultimate beneficial owners (UBOs) under legislation introduced in the Netherlands.
The bill—referred to in English as “Implementation registration of ultimate beneficial owners of companies and other legal entities”—was presented to the Lower House on 4 April 2019. The bill would provide for implementation of EU Directive 2018/843 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and in particular, the requirement to introduce a register of ultimate beneficial owners of companies and other legal entities (the UBO register).
Implementation of the requirement to register UBOs must ultimately be realized no later than 10 January 2020.
Read an April 2019 report prepared by the KPMG member firm in the Netherlands
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