LUXEMBOURG: THE NAMES OF BENEFICIAL OWNERS BECOME PUBLIC

In observance of V anti-money laundering directive, Luxembourg issued a new law in order to regulate the Register of beneficial owners. It is a public register concerning all the entitics already registered in the business and commercial register (inclueded the investment funds and the Luxembourg branch of business companies).

This new law imposies duties on companies, but also states for to the beneficial owners (ubo) the obligation of information. Moreover, the professional obligated to observe the anti-money laundering law (for example, banks, lawyers, etc.) should notify within 30 days any lacking or wrong information.

The information about ubos that have to be register are: name, nationality, personal data, residence and commercial adress, interest, and the national identification number etc.

It is important to specify that all information can be known by the national authority and third persons interested, except the information related to the national identification number and the adress.

The new rules will enter into force on 1st March 2019. The companies have to comply it within one month but not over six months from 1st March.  In the case of non-compliance, is expected a penalty from 1.250 € up to 1.250.000.

Our staff is available for any clarification.