MARCH 2019 DUTCH DRAFT 'ACT ON REGISTRATION OF ULTIMATE BENEFICIAL OWNERS OF COMPANIES AND OTHER LEGAL ENTITIES'.
In March 2019, the Dutch draft 'Act on registration of ultimate beneficial owners of companies and other legal entities' will be published. Our finance minister W.B. Hoekstra informed the Parliament about the publication of the draft act in a letter with a time table for this year as an appendix (dated 18 December 2018).
The time table contains an overview of the draft acts, letters, reports and other such documents which the state secretary and the finance minister intend to send to the Parliament. However, according to minister Hoekstra, the time table is still uncertain.
The draft act ensues from the revised Dutch Act on the prevention of money laundering and financing of terrorism (Wet ter voorkoming van witwassen en financiering van terrorisme) (Dutch Act implementing the Fourth Anti Money Laundering Directive), which in turn ensues from the European Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, amending Regulation (EU) no. 648/2012 of the European Parliament and the Council and repealing Directive 2005/60 of the European Parliament and the Council and Directive 2006/70/EC of the Commission (OJEU 2015, L 141) and European Directive 2018/843 of the European Parliament and the Council of 30 May 2018 amending European Directive 2015/849.
Under the aforementioned directive, European member states are obliged to implement a central register with information on the Ultimate Beneficial Owner's (ultimately interested party) (UBO’s) of companies and other legal entities.
In a letter dated 20 April 2018 minister Hoekstra wrote to the Parliament:
‘The registration of accurate and up-to-date information about UBOs is intended to contribute to achieving greater transparency about UBOs of companies and other legal entities. such in connection with the protection of the integrity of the financial system against money laundering and related offenses such as corruption, tax offences including tax evasion and fraud, and terrorist financing. Making UBO information more transparent will make it easier to trace (the financial flows of) criminals and the abuse of companies and other legal entities can be countered more effectively.’
Updates will follow, as soon as there are new developments around the draft act.
Please also read the news report of 3 September 2018 by Joyce Kempers (in Dutch) on the revised Dutch Act on the prevention of money laundering and financing of terrorism.