Beneficial Owners: Four Months to go
Preventing abusive use of European structures for criminal activities is one of the current main concerns of the EU institutions. For that purpose, a new obligation of identifying beneficial owners for registered entities befalls EU members, Luxembourg being no exception. Registered entities have until 31 August 2019 to file beneficial owners (UBO) information in the Luxembourg Register of beneficial owners (Registre des bénéficiaires effectifs or the RBE), which is now live. There is also an ongoing requirement to keep information up-to-date.
How are companies affected by this new obligation? Who qualifies as a beneficial owner? What type of information must be filed?
So many practical questions registered entities need to address immediately in order to ensure compliance, questions that we will help you answer here.
Editor’s Note: On 29 August 2019, the RBE announced an extension to the deadline of 31 August 2019 originally mentioned in this article. The new deadline is now 30 November 2019 included
Michael SchweigerLocal Partner Attorney at law / Solicitor
Michael Schweiger, Local Partner, is a member of the Banking & Finance practice group in our Luxembourg office. He leads the Luxembourg financial regulatory team and regularly advises banks, e-money and payment institutions, insurers, and other clients regarding financial regulation.T: +352 466 230 520 E: firstname.lastname@example.org
Anne KlethiAssociate Tax adviser / Attorney at law / Avocat à la Cour
Anne Klethi, associate, is a member of the Tax Practice Group in our Luxembourg office. She focuses on international tax matters, notably for private wealth investors, and tax litigation.T: +352 466 230 312 E: email@example.com