- Maxiem Devos
Good news for all companies and NPO's who are not yet compliant with the UBO obligations. The FPS Finance has announced that no penalties will be imposed until 31 December 2019.
This decision was taken because there are still +/- 360,000 companies, (international) non-profit organisations and foundations that have to register their ultimate beneficial owners.
We also have established that there are still problems with the registration of UBOs, especially for reporting agents with a foreign administration or for those who do not have (electronic) access to the UBO register and therefore have to issue a written mandate.
In previous contributions, we already extensively explained the UBO register and the related obligations. The original deadline (31 March 2019) was soon postponed to 30 September 2019.
However, the FPS Finance confirms that there are still +/- 360,000 companies, (international) non-profit organizations and foundations who have to register their ultimate beneficial owners and that for that reason a tolerance policy will be installed until the end of the year.
If the ultimate beneficial owners of a company are not registered by 30 September 2019 at the latest, it is in violation with the law, but this violation will not be sanctioned (financially) until the end of the year.
Anyone who keeps data back can be sanctioned as from 1 January 2020 with a fine between € 250 and € 50,000.
For all those who have not yet taken steps to comply with the UBO-register, we recommend that no longer be waited with the registration of the ultimate beneficial owners of the company, the (international) non-profit organisation or the foundation.
We will be happy to assist you with the UBO-registration.