More than 270,000 family business owners lose their privacy on introduction UBO register

The UBO register for legal entities will become publicly accessible, also for persons without a legitimate interest. More than 270,000 family business owners lose their privacy on the introduction of the UBO register Due to the fifth anti-money laundering directive the compulsory registration in the UBO register is required and applies to companies, foundations, associations, shipping companies, partnerships, cooperatives and European companies, among others. In the Netherlands, a separate UBO definition applies to trusts. Trusts, for example, must register their founders, managers, protectors and beneficiaries. As a rule, natural persons qualify as UBO if they directly or indirectly hold an interest of more than 25% in an entity or otherwise exercise direct control by means of shares or voting rights. In other cases, senior management will be regarded as UBO. The UBO register is part of the Dutch Trade Register.