The law of 13 January 2019 establishing a Register of Beneficial Owners will be introduced within the framework of European regulation about the fight against money laundering and of terrorism financing.
All entities registered in the Luxembourg Business Register have the obligation to publish information regarding their beneficial ownership.
Below, you will find the main assets of this new obligation.
- Entities are under this legal obligation
All entities registered in the Luxembourg Business Register.
Entities created before the 1 March 2019 have six months to introduce their beneficial ownership.
New entitied have one month after the constitution to regularize to regularize their situation.
- Beneficial owner Identification
Beneficial owner is a natural person (not a corporate entity).
The BO may :
own or control an entity
directly or indirectly Hold a percentage of more than 25% of its shares or voting rights
- The goal of the New Register
By knowing each beneficial owner for each corporate entities,The law is still undergoing with the fight against money launderinf and of terrorism financing.
- Beneficial Owner Information to be introduced
Each corporate entity falling within the scope of the draft bill is required to obtain and maintain the following information at its registered offices at Luxembourg :
The fist and the last names of its Beneficial Owners
The nationalities of its Beneficial Owners
The dates and places of bith of its Beneficial Owners
The countries of residence of its Beneficial Owners
The precise private or professional addresses of its Beneficial Owners
The identification numbers of its Beneficial Owners
The nature and scope of the stakes held by its Beneficial Owners
- Communication of information
All national authorities, professional bodies and certain professionals are authorized to consult the above information.
- Criminal sanctions
The law provides for criminal fines in an amount ranging from EUR 1.250 to EUR 1.250.000 for their representatives wich fail to comply with their obligation thereunder.
MEMOLA & PARTNERS remain at your entire disposal for any desired assistance to introduced your information in the Register of Beneficial owners.