The Government has again decided to postpone the ultimate deadline for registrations in the UBO-Register from 31 March 2019 to 30 September 2019.
You will recall that the UBO register is an instrument of the FPS Finance, dedicated to providing adequate, accurate and up-to-date details on the beneficial owners of companies, A(I)SBL, foundations, fiduciaries and trusts. It takes part in the European fight against money laundering and the financing of terrorism. We addressed this topic in our newsletter of 26 September 2018.
This new extension of the registration deadline should allow the authorities to clarify the ambiguities existing regarding the UBO legislation, namely via an updated FAQ on the website of the FPS Finance.
However, this does not mean that the UBO register is already buried. It is therefore essential to proceed with the registration obligation, non-compliance being synonymous of possible administrative fines ranging between € 250 and € 50,000.
For more information on this topic, please feel free to contact Didier CHAVAL (firstname.lastname@example.org).
The Cairn Legal team.