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Clifford Chance

Clifford Chance


Dutch UBO register soon effective

24 June 2020

On 23 June 2020, the Upper House of the Dutch Parliament adopted the bill (the "Law") creating a register for ultimate beneficial owners (“UBOs”) implementing Directive (EU) 2015/849 of the European Parliament and the European Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the "EU Directive").

The EU Directive had to be implemented on 10 January 2020. The legislative proceedings in the Upper House of Parliament have now finished, and it is expected that the Law will enter into effect on 1 July 2020.

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