Belgium Introduces Register of Beneficial Owners

New Law Aimed at Preventing Money Laundering and Terrorist Financing

A significant step has been taken in Belgium to enhance transparency and accountability in business operations by introducing a new law. As of September 18th, 2017, companies are required to disclose their beneficial owners as part of efforts to prevent the misuse of financial systems for illicit purposes.

What is the Register of Beneficial Owners?

The register of beneficial owners lists natural persons who ultimately own or control a company. This includes individuals with significant influence over a business entity.

• Who must be registered?: Beneficial owners are required to be registered within 30 days of the company’s incorporation.
• Consequences of non-compliance: Failure to comply may result in administrative fines being imposed on the legal representatives of the company.

Efforts to Increase Transparency and Accountability

The introduction of the register is part of a broader effort to prevent money laundering and terrorist financing. By increasing transparency, businesses can help ensure that financial systems are used for legitimate purposes only.

Resources for More Information

For companies and individuals seeking more information on the new regulations, the website of the FPS Finance provides detailed guidance and resources. As of November 13th, 2023, this legislation remains in effect, emphasizing the importance of adhering to these disclosure requirements.