Interesting developments in relation to the implementation of the register of beneficial owners in Luxembourg
18 October 2018
Since our e-alert of 23 July 20181, all bills pertaining to the transposition of the fourth anti-money laundering directive2 (the AMLD IV) have been adopted, except:
- bill n°7216B implementing article 31 of the AMLD IV pertaining to the register of trusts; and
- bill n°7217 implementing article 30 of the AMLD IV pertaining to the register of ultimate beneficial owners.3
Major changes to bill n°7217 have recently been published and it seems that the Luxembourg parliament is getting closer to a final version of the future law.
1. EXTENDED SCOPE OF THE REGISTER OF BENEFICIAL OWNERS
2. PUBLIC ACCESS TO THE REGISTER OF BENEFICIAL OWNERS CONFIRMED
3. NEW RIGHTS IN FAVOUR OF THE BENEFICIAL OWNERS
4. NEW RULES REGARDING THE LIMITATION OF ACCESS
5. CONSULTATIONS BY NATIONAL AUTHORITIES TO REMAIN UNDISCLOSED
6. CLARIFIED RULES ON RECORD KEEPING
7. CLARIFIED DEADLINES
8. CLARIFIED PENALTIES
- bill n° 7208 (now referred to as the law of 1 August 2018) implementing directive 2016/2258 pursuant to which national tax authorities shall be granted access to the mechanisms, procedures, documents and information referred to in articles 13 and 40 of the AMLD IV; and
- bill n° 7216A (now referred to as the law of 10 August 2018) relating to the information to be obtained and maintained by the fiduciary agents and relating to the transposition of Article 31 of the AMLD IV.