Kaag: no reason to postpone UBO register deadline

Minister of Finance Sigrid Kaag sees no reason to postpone the deadline for mandatory UBO registration. She stated this in response to written questions from various parliamentary groups. According to Kaag, entrepreneurs have been given a generous 18-month period for registration, and a postponement requires a change in the law. Therefore, the deadline remains March 27, 2022.

Member of Parliament Chris Stoffer (SGP) had asked Kaag for a postponement because many entrepreneurs, churches, and charities have not yet registered in the UBO register. Kaag's answers (pdf, 84.9 kB) confirm this: only 34 percent of the total number of legal entities required to register have actually done so. However, there has been a significant increase in the number of registrations in recent weeks. Kaag will inform the House of Representatives after the deadline about the measures she intends to take. Legal entities that have not filed are in violation. Enforcement will primarily focus on entities with an increased risk of money laundering.

Privacy
Eelco Heinen and Hawri Rahimi (both VVD) emphasized the concerns about privacy in the UBO register. Kaag responded (pdf, 90.4 kB) that she understands the concerns of entrepreneurs and other UBOs. She emphasized that the public cannot search the register for personal data. She also indicated that the ruling of the Advocate General of the European Court of Justice, which states that data protection must not be unnecessarily complicated, is not binding. Moreover, the Dutch implementation of the register "largely" follows the Advocate General's line.

Evaluation
In her answers (pdf, 136 kB) to questions from Inge van Dijk and Hilde Palland (both CDA), Kaag notes that the impact on privacy has been limited by various measures. Under certain conditions, it is possible to shield public data. Furthermore, users of the UBO register must register and pay. The impact on privacy will also be evaluated 1 and 4 years after the register is completed.