On April 26, the Dutch Parliamentary Gazette published a bill requiring mandatory registration of beneficial owners of trusts.
Beneficial owner is an individual who owns more than 25% of the capital of a company or has the ability to direct its activities.
According to the bill, the requirements will apply to all trusts and similar legal entities in which trustees reside or are registered in the Netherlands, or in the event that they reside or are registered outside
Of the European Union, doing business in the Netherlands or acquiring real estate in the Netherlands on behalf of a trust.
The trustee will be required to provide the required information within three months after the approval and entry into force of the law. Then the deadline for submitting information will be reduced to one week.
As a reminder, the Anti-Money Laundering Directive (AMLD) is a set of regulatory requirements containing rules for combating money laundering and terrorist financing in EU member states. The Anti-Money Laundering Directive aims to protect
financial system by introducing mandatory procedures for the prevention, detection and investigation of money laundering and terrorist financing. AMLD applies to credit institutions, financial institutions, and certain individuals and legal entities.
