Access to the UBO registers will be limited to entities with a statutory duty to prevent and counter fraud, money laundering and terrorist financing. In addition, individuals and entities may be granted access to the UBO register if they have a legitimate interest, such as press and NGOs. The reason for this is the November 2022 ruling of the Court of Justice of the European Union. Where previously everyone had access to the register, this proposal regulates that access is limited to a number of parties. This will better safeguard the privacy of the individuals in the UBO registers. The Council of Ministers has approved the amending bill by Minister Kaag of Finance, Minister Yesilgöz-Zegerius of Justice and Security and Minister Adriaansens of Economic Affairs and Climate.
UBO registers show 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 makes it clear who the actual stakeholder is behind a particular organization.
Banks, notaries and competent authorities can access UBO information from the registers to address and prevent money laundering. Journalists and civil society organizations can be granted access if they are engaged in investigating individuals behind a company or organization in the context of detecting fraud, money laundering and terrorist financing. In this case, there is talk of a legitimate interest. What exactly this means will be further elaborated in a decision in the coming period. This decision will be consulted via the Internet next year.
Earlier this year, the bill was publicly consulted. As a result of this Internet consultation, a number of adjustments were made to the bill. The most important adjustment is that co-governments, such as municipalities and provinces, can also gain access to the registers in order to prevent government misuse for criminal activities in those cases where it is necessary.
The Council of Ministers has agreed to send the Amendment Act to the Raad van State for its opinion. This will be followed by parliamentary consideration.
