Family businesses

European Family Business Barometer 2019

The European Family Business Barometer is an annual survey published by KPMG Meijburg & Co, together with KPMG, FBNED and European Family Business (EFB). This study, which was carried out for the eighth time this year, provides insight into trends and developments at family businesses throughout Europe.

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Bill on implementation of UBO register presented for public consultation

On March 31, 2017 the draft bill on the Registration of Ultimate Beneficial Owners Implementation Act (hereinafter: the bill) was presented for public consultation. 

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Update on UBO register

On December 19, 2017, the European Commission published an amendment to the 4th Anti-Money Laundering Directive (2015/849). The 4th Anti-Money Laundering Directive contains rules on the UBO register. These rules must then be transposed into national legislation. 

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Update on the progress of the UBO register in the Netherlands

On January 31, 2018, the Dutch government published the proposed Decree implementing the Money Laundering and Terrorist Financing (Prevention) Act 2018 (Uitvoeringsbesluit Wwft 2018) (hereinafter: the draft decree). The draft decree stipulates additional rules for defining the ultimate beneficial owners (UBOs) of legal entities in the Netherlands. 

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Enforcement of Assessment of Employment Relationships Deregulation Act (Wet DBA) further postponed

On February 9, 2018, the Minister of Social Affairs and Employment and the Deputy Minister of Finance informed the President of the Lower House of Parliament in a joint letter about developments concerning the Assessment of Employment Relationships Deregulation Act (Wet deregulering beoordeling arbeidsrelaties; DBA Act). In the letter they write that the enforcement of this legislation will be further postponed until January 1, 2020.

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Draft 2018 Decree implementing the Wwft provides greater insight into specifics of UBO register

On April 6, 2018, the Draft 2018 Decree implementing the Wwft (hereinafter: the draft Decree), accompanying the Money Laundering and Terrorist Financing Prevention Act (Wet ter voorkoming van witwassen en financieren van terrorisme; hereinafter: Wwft), was published. The draft Decree includes an elaboration of the concept of UBO (Ultimate Beneficial Owner). 

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Implementation of UBO register postponed

On April 20, 2018, Minister of Finance, Mr. Hoekstra, informed the Lower House that the implementation of the UBO register is being postponed. The reason for this is that on April 19, 2018, the European Parliament approved by an overwhelming majority the proposal to amend the 4th Anti-Money Laundering Directive, which contains the UBO register. 

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Draft bill on transparency of civil society organizations: foundations and associations must publish donations and financial data

On December 21, 2018, the Minister for Legal Protection published the draft bill on the Civil Society Organizations Transparency Act. The proposal provides for, on the one hand, insight into cash flows to civil society organizations by publishing information about donors who donate or make gifts of EUR 15,000 or more per year and, on the other hand, the obligation for foundations to disclose certain financial information.

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Consultation on draft bill against excessive borrowing from own company

On March 4, 2019 an internet consultation on the draft bill on the Excessive Borrowing from Own Companies Act was launched. This bill had been announced in September last year on Budget Day (see section 3.1 of our previous memorandum). 

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