News item | 01-11-2022 | 12:15
As of November 1, administrators of trusts (trustees), mutual funds and similar structures must register their ultimate beneficial owners (UBOs) in the UBO register of trusts.
The UBO register for trusts and similar legal structures provides more transparency. It makes it more difficult for criminals to hide behind such constructions. Through this transparency, the register contributes to the prevention of money laundering, corruption, fraud, tax evasion and terrorist financing.
What is a trust?
A trust is a legal arrangement created by a person (the founder/settlor), whereby goods are entrusted to a trustee (the ‘trustee’) for the benefit of one or more beneficiaries. The trust has many variants and is used, among other things, in the business sphere, in a family sphere, in charitable and cultural spheres, et cetera.
Registration
Only the trustee of a trust, or the person who has a comparable position in a similar legal construction as a trustee in a trust, can register UBOs. The trustee is also a UBO of the trust.
You can register via the website www.uboregistertrusts.nl from 1 November 2022 to 1 February 2023 at the latest. The UBO register of trusts is managed by the Chamber of Commerce on behalf of the Ministries of Finance and Justice & Security.