Wetsvoorstel om toegang tot UBO-registers te beperken

The Dutch government published news about a [legislative proposal that has been introduced to restrict access to Ultimate Beneficial Owner (UBO)]() registers in the Netherlands.
Access to these registers will now be limited to entities with a legal task in preventing and combating fraud, money laundering, and terrorist financing.
Individuals and organizations can also access the UBO register if they have a legitimate interest, such as the press and NGOs. This change is in response to a November 2022 ruling by the European Court of Justice. The proposal aims to enhance the privacy of individuals listed in UBO registers by restricting access to specific parties. The Cabinet has approved the amendment proposed by Minister Kaag of Finance, Minister Yesilgöz-Zegerius of Justice and Security, and Minister Adriaansens of Economic Affairs and Climate.
UBO registers contain information about the ownership and control of organizations, helping to prevent and detect criminal activities like fraud, money laundering, and terrorist financing. Banks, notaries, and competent authorities can access UBO information to address and prevent money laundering. Journalists and civil society organizations can access the registers for research related to individuals behind a company or organization in the context of detecting fraud, money laundering, and terrorist financing, citing a legitimate interest. The specifics of what constitutes a legitimate interest will be further elaborated in a decision to be consulted online next year.
The legislative proposal, initially subjected to public consultation, has undergone modifications based on feedback. The key adjustment is the inclusion of subnational governments (municipalities and provinces) in those entities permitted access to the registers when necessary to prevent misuse of the government for criminal activities. The Cabinet has agreed to submit the Amendment Act for advice to the Council of State, followed by parliamentary proceedings.