Since the adoption of the law relating to money laundering and terrorism financing prevention dated September 18th, 2017, every company, non-profit (international) organization, foundation and trust must identify and register its beneficial owners via the platform known as the “UBO Register”, and this since September 30th, 2019 (administrative tolerance until December 31st, 2019).
Following the recent publication of a Royal Decree, a new documentation obligation was added to the existing one. Indeed, the Royal Decree in question provides that all information providers are now required to provide via the platform any piece of document demonstrating that the information recorded is “adequate, accurate and up to date”.
This documentation formality must be complied with by April 30th, 2021 at the latest. An administrative fine of EUR 250 to EUR 50,000 may be applied to the directors of the concerned companies, non-profit (international) organizations, foundations or trusts in the event of non-compliance with their disclosure obligation but also in the event of poor quality of the data disclosed.
As a reminder, we would also like to point out that any change of beneficial owner must be reported in the “UBO Register” within one month of such change.
Tax Consult follows the news of the new measures taken and applied by the Authorities on a daily basis and is regularly in contact with the (tax) Administration. In case of question, do not hesitate to contact directly your file manager or our team using the address firstname.lastname@example.org in order to receive a tailor-made advice adapted to your situation.
Tax Consult A & A