Just 45% of firms have met ownership register deadline: FD

Amsterdam’s business district Zuidas is popular with financial firms. Photo: DutchNews.nl

The Dutch finance ministry estimates that no more than 45% of companies and institutions required to register who their main owners are have actually done so, the Financieele Dagblad said on Tuesday.

The register of ‘ultimate beneficial ownership’ is part of EU anti money-laundering efforts and seeks to establish who the real owners and controllers of companies, foundations and partnerships actually are.

But the measure has been widely criticized by shareholders because of the privacy aspects. Although the complete register is not accessible to everyone, everyone will be able to access personal details, such as the age and nationality, of owners and major shareholders.

Employers organisations and MPs had urged the finance ministry to extend the March 27 deadline for compliance because of the low take-up rate but officials have refused to do so.

Finance ministry information about the Ubo register, in English

The FD says some companies appear to be waiting for the verdict of a case currently being considered by the European Court of Justice, which centres on the Luxembourg Ubo register.

That case is looking at the balance the EU legislation strikes between combating money laundering and the financing of terrorism, with the right to privacy.

Campaign group Privacy First is also taking legal action against the Dutch register.

Thank you for donating to DutchNews.nl

The DutchNews.nl team would like to thank all the generous readers who have made a donation in recent weeks. Your financial support has helped us to expand our coverage of the coronavirus crisis into the evenings and weekends and make sure you are kept up to date with the latest developments.

DutchNews.nl has been free for 14 years, but without the financial backing of our readers, we would not be able to provide you with fair and accurate news and features about all things Dutch. Your contributions make this possible.

If you have not yet made a donation, but would like to, you can do so via Ideal, credit card or Paypal.

Local News

Articles You May Like

Binance CEO CZ Responds to US Regulator’s Charges
The Netherlands fail trial by spin to lose Zimbabwe series 2-1
ITV apologises for The Voice abuse after report criticises failings
Bitcoin likely to outperform all crypto assets following banking crisis, analyst explains
Pending home sales squeezed out a tiny gain in February, as mortgage rates jumped

Leave a Reply

Your email address will not be published. Required fields are marked *