he Anti-Money Laundering Act of 18 September 2017 (the “AML Act”) set up a central register at the Treasury Administration(the “UBO Register[1]”) to which all Belgian companies (and certain other legal entities) have to provide information on their Ultimate Beneficial Owner (“UBO”).
The law of 18 September 2017 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and limitations to the use of cash implements the Fourth European money laundering Directive 2015/849 into Belgian law.
This newsletter gives a brief overview of the practical aspects of a new obligation for Belgian entities to gather information about their ultimate beneficial owners (UBOs) and enter it in a central UBO register.
As a result of the implementation of the 4th (and already, in part, 5th) EU Anti-Money Laundering Directive(s) into Belgian law, companies incorporated in Belgium and other legal entities are required to identify
On 19 April 2018, the European Parliament adopted the proposal for the fifth Anti-money Laundering (AML) Directive, which will make a number of changes to the fourth AML Directive, implemented in Belgium by the Anti-money Laundering and Terrorist Financing Act and in effect since 16 October 2017.
The Act of 2 August 2002 on the supervision of the financial sector and financial services (“Loi relative à la surveillance du secteur financier et aux services financiers/ Wet betreffende het toezicht op de financiële sector en de financiële diensten”) (the "Financial Sector Supervisory Act”) was the result of many years of reflection and negotiation within and by the financial sector.
The European Parliament and the European Council have reached a political agreement on the fifth anti-money laundering Directive. Several measures relate to the ultimate beneficial owner register (hereafter “UBO register”)
Today(the 9th of November 2017), the Belgian Act amending the Act of 12 May 2014 on regulated real estate companies (the “Reviewed REITs Act”) was published in the Belgian Official Journal.
The complete text of the Reviewed REITs Act can be found here
Among other measures designed to combat money laundering and terrorist financing, the 4th Money Laundering Directive requires the EU member states to set up registers of the ultimate beneficial owners of legal entities.
In a judgment dated 24 November 2016, the Court of Cassation ruled on the limitation of break costs that banks can claim in the case of early repayment of a loan.
