On 26 June 2017 the deadline has passed for the implementation of the European directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the Fourth anti-money laundering directive). With this directive, among other things, the register of ultimate beneficial owners (UBO-register) was introduced. We have previously informed you about the proposed content of the Dutch UBO-register and the effect of its introduction. The EU member states had two years to implement the directive in national law. It is now apparent that many member states have not met this deadline. In this newsletter we will provide a brief update on the status of the relevant legislation in the Netherlands, Belgium and Luxembourg.
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