On April 26, the draft law was published in the Netherlands, which makes the registration of beneficial owners of trusts compulsory.
A beneficial owner is a person who owns more than 25% of the capital of a company or can manage the company directly or indirectly.
According to the law, the requirements apply to all trusts and similar legal persons whose trustees are resident or registered in the Netherlands. This also applies to the trustees whose residence or registration is outside the EU but who do business in the Netherlands or who acquire real estate in the Netherlands on behalf of the trust.
The trustee must provide the required information within three months of the law's approval and entry into force. Thereafter, the deadline for submitting information will be reduced to one week.
The Anti-Money Laundering Directive (AMLD) contains a number of regulatory requirements that contain rules to combat money laundering and terrorist financing in EU member states. The aim of the Anti-Money Laundering Directive is to protect the financial system by introducing mandatory procedures to prevent, detect and investigate money laundering and terrorist financing. AMLD applies to credit and financial institutions, certain natural and legal persons.
