Netherlands: Draft decree on ultimate beneficial owner | KPMG | GLOBAL

Netherlands: Draft decree to implement “ultimate beneficial owner” rules

Netherlands: Draft decree on ultimate beneficial owner

A draft decree to implement the anti-money laundering law and to provide guidance under the concept “ultimate beneficial owner” was issued in April 2018.

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The draft decree would implement the Money Laundering and Terrorist Financing Prevention Act (Wet ter voorkoming van witwassen en financieren van terrorisme—Wwft), and elaborates on the concept of ultimate beneficial owner. The draft decree also is relevant with respect to the ultimate beneficial owner register. There would not be a separate register, but the ultimate beneficial owner information would instead be part of the data in the trade register. 

A bill to implement the ultimate beneficial owner measures is expected before the summer 2018, and is expected to set out for which entities that the ultimate beneficial owner information must be registered (that is, according to legal entity categories but also other entities, for example, formal foreign companies).

 

Read an April 2018 report prepared by the KPMG member firm in the Netherlands

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