Netherlands UBO register in 2020
The UBO register in the Netherlands is delayed until later in 2020.
The introduction of the Dutch UBO register has been delayed until a later date in 2020. This will be likely somewhere in late spring 2020. The deadline of 10 January 2020, on which the UBO register had to be introdoced in the Netherlands, has not been met.
The relevant legislation to implement the Dutch register for Ultimate Beneficial Owners has been adopted by the Dutch House of Representatives but not yet by the Senate. The Senate of the Netherlands is working on its investigation into the legislation. Part thereof is the advice of the Council of the State, the legislative advisory body of the Dutch government. This advice addresses the relation between the UBO register and privacy on the basis of the GDPR. The legislation that will implement the Dutch UBO register pursuant to the 4th Anti-Money Laundering Directive still needs to be voted on. It is not yet clear when this will happen (update Penrose 1 May 2020).
On 17 April 2020, the Dutch government also opened up an internet consultation for the Netherlands UBO register for trusts and mutual funds. This is a separate register from the ‘regular UBO register’ that regards companies in the Netherlands. In brief, the Dutch Trust and Mutual Fund UBO register provides an obligation for any ultimate beneficial owner to register here if the trust or fund has a connection to the Netherlands. Also here, the Dutch government has not met the deadline imposed by the amended 4th Anti-Money Laundering Directive, which was 10 March 2020.
Please see this link to our earlier blog on what the UBO register in the Netherlands will look like.