On 6 April 2018 the Dutch Minister of Finance published an updated draft decree which contains the new definition of ultimate beneficial owners (UBOs) of companies and other entities (Uitvoerings-besluit Wwft 2018, the Decree). The Decree was sent to the Upper Chamber (Eerste Kamer) and the Lower Chamber (Tweede Kamer) of the Dutch parliament by way of a so-called preliminary scrutiny procedure ('voorhangprocedure'). A previous draft of the Decree raised quite some concerns, a number of which we flagged in our previous newsletter. Thankfully, the updated draft addresses several of the key concerns. The definitions in the Decree will also apply to the Dutch UBO register. In this update we summarize the new definitions of UBOs for several types of entities that are commonly used in the Netherlands.
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