As set out in our recent blog post on the status of the three legislative proposals implementing the Fifth Anti-Money Laundering Directive (Vijfde anti-witwasrichtlijn, 5MLD) in the Netherlands, the Dutch Minister of Finance has requested the Dutch Senate (Eerste Kamer) to deal with the legislative proposals separately going forward.

On 3 March 2020, the standing committee on finance (vaste commissie voor Financiën) has requested the Dutch Council of State (Raad van State) to provide further information on certain aspects of one out of three legislative proposals: the Act implementing the UBO register for companies and other legal entities (Implementatiewet registratie uiteindelijk belanghebbenden van vennootschappen en andere juridische entiteiten, the UBO Register Act). As this request will delay the implementation of the UBO Register Act, the standing committee on Finance has decided that it will complete the other two legislative proposals – the Act implementing 5MLD (Implementatiewet wijziging vierde anti-witwasrichtlijn) and the Bank Data Retrieval Portal Act (Wet verwijzingsportaal bankgegevens) – together in a plenary session.