The Minister of Finance on 10 February 2016 sent a letter to the Lower House, also on behalf of the ministers of Public Safety and Justice and Economic Affairs, about the implementation of the “ultimate beneficial owner” (UBO) register. Pursuant to the fourth European Anti-Money Laundering Directive, the Netherlands must have this register ready no later than 26 June 2017.
For these purposes, the “ultimate beneficial owner” is an individual who has formal or effective control of an entity. Indicators of this control are a certain percentage of ownership; shares and/or voting rights; and also, for example, the right to dismiss directors/managers.
In his letter, the Minister stated that an interest of more than 25% leads, in principle, to qualification as an UBO. If it cannot be established that an entity has an UBO, then as a last resort an individual belonging to the entity’s executive staff can be designated as the UBO.
Read a February 2016 report prepared by the KPMG member firm in the Netherlands: Letter to Parliament regarding the contours of the UBO register
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