The Luxembourg register of beneficial owners (“BOs”) for legal entities, here it comes!
On 18 December 2018, the bill of law setting up a register of BOs of Luxembourg legal entities has been passed in Parliament. The new law on the register of beneficial owners will enter into force following its publication in the Luxembourg Official Journal.
Purpose: creation of a register of beneficial owners.
Entities concerned: all Luxembourg companies, investment funds and registered branches of foreign companies.
Beneficial owner: i.e., any person owning directly or indirectly at least 25% of an entity concerned.
Access to the register of beneficial owners: public authorities, self-regulatory bodies, entities subject to AML-CTF obligations, any member of the public (limited information).
Information disclosed: name, nationality, date and place of birth, country of residence, address, national or foreign identification number, nature and extent of beneficial ownership.
Entry into force: 1st day of the second month following the publication of the law – entities concerned to be compliant within 6 months of the entry into force.
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