On 29 May 2020, the Dutch Minister of Finance (the Minister) submitted the Further Memorandum of Reply (nadere memorie van antwoord) with regard to the Act on the introduction of the UBO register (Implementatiewet registratie uiteindelijk belanghebbenden van vennootschappen en andere juridische entiteiten) to the Dutch Senate (Eerste Kamer).
In the Further Memorandum of Reply, the Minister answers a number of questions raised by Dutch Senate members. These questions relate to, among other things, the following topics:
- excluding certain types of legal entities from the requirement to register ultimate beneficial owners (UBOs) in the ultimate beneficial owner register (the UBO Register);
- methods of protecting personal data included in the UBO Register;
- the influence of the marital property system on determining who is considered to be UBO;
- notification of discrepancies identified by institutions subject to the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van witwassen en financieren van terrorisme) between the UBO’s information which it obtained via its client due diligence and the information listed in the UBO Register;
- structures aimed at avoiding that parties are considered to be UBOs; and
- monitoring the effectiveness of the UBO Register.
