The UBO register will remain closed for the public

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The Chamber of Commerce will temporarily no longer provide information from the UBO register. The reason is a ruling by the European Court of Justice, which ruled that the anti-money laundering register ‘in its current form seriously affects the fundamental rights and privacy of citizens’.

Dutch Finance minister Sigrid Kaag announced the decision in a letter to Parliament on Tuesday. Because the European Court of Justice had ruled that the UBO register ‘in its current form seriously affects the fundamental rights and privacy of citizens’, European lawmakers have to look again at the register.

Kaag writes that ‘the ruling of the court is primarily addressed to the European legislator and the European Commission’, but that ‘the ruling can also have far-reaching consequences for the Dutch situation’. Therefore, the minister requested the Chamber of Commerce to temporarily not provide information from the register. Because of the decision, the register is less easily accessible to everyone, says Kaag. However, an exception is made in certain cases. For example, necessary information can be given on the basis of a claim from the prosecutor.

UBO stands for Ultimate Beneficial Owner. The UBO register is a European database and is part of the law on the Prevention of money laundering and terrorist financing in the Netherlands. Through the registry it is possible to request data on the owners or founders of an organization. Since September 27, 2022, it has been mandatory for companies and organizations to register a UBO in the register with the Chamber of Commerce.

About the author

Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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