Netherlands beneficial ownership register postponed

The launch of the Netherlands’ register of ultimate beneficial owners has been postponed.

The register was expected to be launched in January but is not now expected to be established until later this year.

Preparatory investigation

In December 2019, the lower house in the Dutch parliament adopted a bill to establish the register with an expectation that it would be operational by 10 January 2020.

But the upper house then decided to delay implementation until it had conducted what it described as a preparatory investigation of the bill.

Unclear timetable

The timetable for the investigation is not clear, neither is it clear when the upper house will vote again on the bill.

Lawyers Taylor Wessing are reported as not expecting the register to be established until at least the end of the first quarter of 2020.

The beneficial ownership register is based on European rules aiming to prevent money laundering and terrorist financing.



Categories: Trade Based Financial crimes News

%d bloggers like this: