4 May 2021
The Dutch Ministry of Finance has published the draft Bill on the Implementation Act on the registration of beneficial owners of trusts and similar legal arrangements. The implementation of the beneficial ownership registration requirements for trusts and similar is required as part of the EU Anti-Money Laundering Directive (AMLD) as amended (5th AMLD).
Under the draft bill, the requirements will apply to all trusts and similar legal arrangements of which the trustees reside or are established in the Netherlands or, if residing or established outside the EU, the trustee enters into a business relationship in the Netherlands or acquires real estate in the Netherlands on behalf of the trust. A trustee will need to submit the required information within one week after the obligation to do so has arisen, although an initial three-month transition period will be provided after the bill is approved and enters into force.
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