On March 31, 2017 both the governments of the Netherlands and of Belgium announced next steps with respect to the of so-called ultimate beneficial ownership registers.

Belgium

The Belgian Minister of Finance announced on its website that on March 31, 2017 the Belgian Council of Ministers approved anti money laundering measures as proposed by the Belgium Minister of Finance. The measures a.o. include the introduction of a central ultimate beneficial owners register. According to the Belgian Minister of Finance the draft bill will now be sent to the Council of State for advice.

The Netherlands

Also on March 31, 2017 the Dutch Government opened a public consultation on a draft law proposal for an “Implementatiewet registratie uiteindelijk belanghebbenden” (implementation law registration ultimate beneficial owners). The draft bill seeks to implement the obligation to maintain a central register containing information on ultimate beneficial owners (UBO) of companies and other legal entities.

The public consultation runs until April 28, 2017.

Click here to be forwarded to the webpage where one can find the draft bill, an explanatory memorandum as will as more information on how to file submissions  for this public consultation.

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