BELGIUM: OVER 100,000 BUSINESSES ARE STILL NOT IN LINE WITH BENEFICIAL OWNER RULES

On 20 August, the Brussels Times reported that more than 100,000 companies in Belgium have still to come into line with a rule introduced in 2019 to fight money-laundering and the financing of terrorism by identifying ultimate beneficial owners.  Of of 574,799 companies and 59,749 non-profits, it is said that there are 117,900 companies out there, and 74,250 non-profits who have still to comply.  Potential fines range from €250 to €50,000. However, the ministry is not ready to start imposing fines just yet.

https://www.brusselstimes.com/news/business/127688/over-100000-businesses-are-still-not-in-line-with-company-rules/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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