Over 80,000 companies and non-profits in Belgium are still not compliant with the Ultimate Business Owner (UBO) register, which is required of them under a European directive aimed at preventing money laundering and terrorism financing, l’Echo reported in its Saturday edition.
Starting next week, an initial batch of 8,000 businesses will be fined 500 euros per administrator because their beneficiaries are not listed on the UBO register. The non-profits will then follow.
Since the end of 2019, the UBO register must contain the names of the persons who hold the reins of power in businesses, non-profits, foundations and partnerships.
Businesses and non-profits are also required to update the information in these registers to reflect any changes regarding beneficiaries.