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ARTICLE · 12 DECEMBER 2017

Luxembourg Transparency Registers: Soon A Reality!

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On 6 December 2017, two Bills of Law which will implement articles 30 and 31 of the Directive 015/849 of the European Parliament and the Council of 20 May 2015 on the prevention of the use...

LuxembourgCorporate/Commercial Law
Gérard Maîtrejean
Gérard Maîtrejean
Delphine Tempé
Delphine Tempé
Shaohui Zhang
Shaohui Zhang
Carine Lecoq
Carine Lecoq
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On 6 December 2017, two Bills of Law which will implement articles 30 and 31 of the Directive (EU) 2015/849 of the European Parliament and the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing ("4th Anti Money Laundering Directive") were introduced to Luxembourg's Chamber of Deputies.

The Bills of Law will put in place in Luxembourg two registers to hold and provide information on beneficial owners of Luxembourg legal entities and express trusts.

The definition of "beneficial owner" is the same as the definition set out in the law dated 12 November 2004 on the fight against money laundering and terrorist financing as amended ("AML Law"). However, the definition might be amended when Bill of Law n° 7128 enters into force ( see our alert on this topic).

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