News item | 17-11-2023 | 2:15 PM
Access to the UBO registers is limited to bodies with a legal task in preventing and combating fraud, money laundering and terrorist financing. In addition, persons and institutions can gain access to the UBO register if they have a legitimate interest, such as the press and NGOs. The reason for this is the ruling of the Court of Justice of the European Union of November 2022. Where previously everyone had access to the register, this proposal limits access to a number of parties. This better safeguards the privacy of the people in the UBO registers. The Council of Ministers has approved the amendment law of Minister Kaag of Finance, Minister Yesilgöz-Zegerius of Justice and Security and Minister Adriaansens of Economic Affairs and Climate.
The UBO registers state who owns an organization, or who has control or an interest (the Ultimate Beneficial Owner). The UBO registers help prevent and detect criminal activities such as fraud, money laundering and terrorist financing, because it becomes clear who is the actual interested party behind a particular organization.
Banks, notaries and competent authorities can access UBO information from the registers to tackle and prevent money laundering. Journalists and civil society organizations can gain access if they are involved in investigations into people behind a company or organization in the context of detecting fraud, money laundering and terrorist financing. In this case we speak of a legitimate interest. What exactly this entails will be further elaborated in a decision in the near future. This decision will be consulted via the internet next year.
Adjustments
The bill was publicly consulted earlier this year. The proposal has been adjusted on a number of points as a result of this internet consultation. The most important adjustment is that fellow authorities, such as municipalities and provinces, can also gain access to the registers to prevent the government from being abused for criminal activities in those cases where it is necessary.
The Council of Ministers has agreed to send the Amendment Act to the Council of State for advice. This will be followed by parliamentary consideration.