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Late UBO-registration tolerated until end of the year

Van Olmen & Wynant

In the fight against terrorism and money laundering, Belgian companies, (international) non-profit associations and foundations were given an ultimate deadline until September 30, 2019, to register their ultimate beneficial owners, better known as “UBOs”, via an online application by the Belgian Federal Public Service Finance. Even though the deadline has passed, no sanctions have been imposed on those companies for not reporting their UBOs or for reporting incompletely the UBOs within the given time-frame. In fact, the Belgian FPS Finance has announced that it shall apply a tolerance policy until 31 December 2019 for the defaulting entities to fulfil their UBO registration obligations and shall thus not impose any sanctions until that time.

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