On 10 January 2020, the UBO register was supposed to come into force, but this has been postponed again. The introduction of the UBO register is likely to take place in spring 2020.
The English term UBO stands for ultimate beneficial owner. The UBO register aims to create more transparency in who has ultimate control within a legal entity. This includes, for example, a person who:
The purpose of the UBO register is to combat financial-economic crime, such as money laundering. The UBO register will become part of the Commercial Register of the Chamber of Commerce. The person to whom the legal entity belongs or each of the directors and/or policymakers are obliged to provide the UBO information. Failure to provide the required information or to do so on time, or incorrectly or incompletely, may be punishable by a penalty, fine and, in extreme cases, even imprisonment.
The bill enabling the introduction of the UBO register has now been approved by the Lower House and is now before the Senate for consideration and approval.
We will keep a close eye on further developments in this area for you. For questions about the UBO register, you can always contact us.