AMLD IV - Beneficial ownership information.

Transcription

1 December 2017 AMLD IV - Beneficial wnership infrmatin. Intrductin Directive (EU) 2015/849 f the Eurpean Parliament and f the Cuncil f 20 May 2015 n the preventin f the use f the financial system fr the purpses f mney laundering r terrrist financing ( AMLD IV ) is currently being implemented int Luxemburg law by three different draft laws: draft law 7128 (intrducing amngst thers the new definitin f (ultimate) beneficial wners ( UBO )), 7216 (establishing a register fr fiducies) and 7217 (establishing a UBO register). The texts f draft laws 7216 and 7217 have nw been filed with the Luxemburg Chambre des Députés. The purpse f this alert is t highlight the new rules n the central register cllecting infrmatin n ultimate beneficial wners in Luxemburg. Article 30 (1) and (3) f ALMD IV bliges Eurpean Member States t establish a natinal central register cntaining infrmatin n UBOs f crprate and ther legal entities established within their territry. Article 2 f the draft law 7217 creates a UBO register, the Registre des bénéficiaires effectifs ( REBECO ) under the authrity f the Ministry f Justice. The AMLD IV had t be transpsed in Luxemburg law by 26 June It is expected that the transpsitin will be implemented very sn. Cntents Wh is a UBO?... 1 Wh is caught by draft law 7217?... 2 Wh is the peratr f the UBO register?... 2 What type f infrmatin regarding the beneficial wner must be prvided t the UBO register?... 2 Wh may have access t the UBO register?... 3 Practical infrmatin:... 3 Sanctins... 3 Next steps... 3 Wh is a UBO? Accrding t draft law 7128 (which will amend article 1(7) f the Law f 12 Nvember 2004 nce adpted), a UBO means any natural persn(s) wh ultimately wns r cntrls the custmer and/r the natural persn(s) n whse behalf a transactin r activity is being cnducted, including at least: In the case f crprate entities: the natural persn(s) wh ultimately wns r cntrls a legal entity thrugh direct r indirect wnership f a sufficient percentage (>25%) 1 f the shares r vting rights r wnership interest in that entity, including thrugh bearer sharehldings, r thrugh cntrl via ther means, ther than a cmpany listed n a regulated market. 1 Luxemburg has nt made use f the pssibility t harden the presumptin f sufficient hldings t under 25%. The presumptin is rebuttable. AMLD IV - Beneficial wnership infrmatin 1

2 If n natural persn hlding mre than 25% can be determined, infrmatin regarding the senir management f the crprate entity shall be registered in the UBO register. In the case f fiducies/trusts: (i) the settlr; (ii) the trustee(s); (iii) the prtectr, if any; (iv) the beneficiaries, r where the individuals benefiting frm the legal arrangement r entity have yet t be determined, the class f persns in whse main interest the legal arrangement r entity is set up r perates; and/r (v) any ther natural persn exercising ultimate cntrl ver the trust by means f direct r indirect wnership r by ther means; In the case f fundatins and legal arrangements similar t trusts: the natural persn(s) hlding equivalent r similar psitins t thse referred t regarding fiducies and trusts. Wh is caught by draft law 7217? Every entity having legal persnality and registered with the Luxemburg Register f Cmmerce and Cmpanies (Registre de Cmmerce et des Sciétés, ( RCS )), including funds. Exceptins: - Entities which d nt have a legal persnality: fnds cmmun de placement ( FCP ) and Luxemburg branches f entities which are gverned by the law f anther state; - Entities having their shares admitted fr trading n a regulated market in Luxemburg, in a member state f the EEA, r in any third cuntry laying dwn equivalent requirements t thse prvided fr under Directive 2004/109/EC ( Transparency Directive ). Wh is the peratr f the UBO register? The Luxemburg Trade and Cmpanies Register ecnmic interest grup (Grupement d intérêt écnmique RCSL). What type f infrmatin regarding the ultimate beneficial wner must be prvided t the UBO register? The AML IV Directive des nt cntain an exhaustive list f the infrmatin t be prvided. Under draft law 7217, the entities, which are in scpe, must prvide t the UBO register the fllwing infrmatin regarding their beneficial wners: the (1) name (2) surname(s); (3) natinality/natinalities; (4) day f birth; (5) mnth f birth; (6) year f birth (7) place f birth; (8) cuntry f residence; (9) persnal r prfessinal address; (10) Luxemburg AMLD IV - Beneficial wnership infrmatin 2

3 natinal identificatin number r if nt applicable, (11) freign identificatin number; (12) nature and (13) extent f the beneficial interest held. Wh may have access t the UBO register? Natinal authrities Designated Members f the judicial administratin Self-regulatry bdies Prfessinals within the framewrk f custmer due diligence Any persn r rganisatin with a legitimate interest Based n the annexed table, ne can determine t which infrmatin ne can get access. An access limitatin t natinal authrities can be granted n a case-by-case basis, in exceptinal circumstances, where a brader access wuld expse the beneficial wner t the risk f fraud, kidnapping, and/r blackmail, vilence r intimidatin, r where the beneficial wner is a minr r therwise incapable. Practical infrmatin The registratin request must be dne electrnically and must be accmpanied by supprting dcuments. The registratin details (including csts) will be specified in Grand-Ducal Regulatins. The registratin must be dne, at the latest, within ne mnth f the event which must be cmmunicated t the UBO register. The infrmatin held in the UBO register must be adequate, accurate and current. Sanctins Any breach t the abve requirements culd trigger criminal penalties (frm EUR 1,250 t 1,250,000). Next steps The text must nw be adpted by the Chambre f Députés. Once adpted, the Bill will enter int frce the first day f the mnth fllwing its publicatin in the Official Jurnal. Hwever, all existing entities will benefit frm a six-mnths perid t register their beneficial wners in the UBO register. AMLD IV - Beneficial wnership infrmatin 3

4 ACCESS TO THE BENEFICIAL OWNERSHIP INFORMATION Type f accessible infrmatin n the UBO Type f entities which can ask fr infrmatin Natinal authrities* Designated Members f the judicial administratin Selfregulatry bdies* Prfessinals within the framewrk f custmer due diligence* Any persn r rganisatin with a legitimate interest* 1. Name X X X X X 2. Surname(s) X X X X X 3. Natinality (ies) X X X X X 4. Day f Birth X X X X 5. Mnth f Birth X X X X X 6. Year f Birth X X X X X 7. Place f Birth X X X X 8. Cuntry f residence X X X X X 9. Persnal r prfessinal address (in Luxemburg r abrad) X X 10. Fr Luxemburg residents: natinal identificatin number X X 11. Fr nn-luxemburg residents: freign identificatin number X X 12. Nature f the beneficial interests held 13. Extent f the beneficial interests held X X X X X X X X X X X : authrised access : denied access * See the definitins n next page AMLD IV - Beneficial wnership infrmatin 4

5 * natinal authrities means the authrities, administratins and the fllwing entities: a) the State Attrney General, the public prsecutrs as well as the members f the prsecuting authrities; b) the investigative judges; c) the financial intelligence unit; d) the judicial plice fficers referred t in article 10 f the Cde f penal prcedure and apprved by the Directr General f the grand-ducal Plice; e) the Luxemburg supervisry authrity f the financial sectr; f) the Luxemburg insurance cmmissin; g) the Luxemburg Registry; h) the Custm and Excise Administratin; i) the Intelligence Agency f the State; j) the direct tax administratin; k) the Ministry f Freign and Eurpean Affairs within his specific pwers in the matter f the fight against mney laundering and terrrism financing; l) the Ministry f Finance within his specific pwers in the matter f the fight against mney laundering and terrrism financing; m) the Licencing ffice acting within the framewrk f granting authrisatins f imprtatin, exprtatin, transfer, transit, brkerage, technical assistance and the intangible transfer f technlgy; self-regulatry bdy means the fllwing bdies: a) the Cuncil f the regulatin referred t in Chapter III, Sectin II, f the amended law frm 10 th August 1991 pertaining t the prfessin f the lawyer; b) the prfessinal rder f ntaries referred t in chapter VII f the amended law f 9 th December 1976 pertaining t the rganisatin f the ntarial prfessin; c) the Institute f Registered Auditrs referred t in the 1 st part, 2 nd title f the law f 23 rd July 2016 pertaining t the prfessin f the auditr; d) the assciatin f chartered accuntants referred t in the 2 nd title f the amended law f 10 th June 1999 pertaining t the rganisatin f the prfessin f the certified accuntants; e) the Chamber f the Judicial Officers referred t in chapter VIII f the amended law f 4 th December 1990 pertaining t the rganisatin f the rder f the judicial fficers; prfessinals means the persns referred t in in article 2, sectin 1 and in article 2 sectin 2 paragraph 1 t 6 f the amended law f 12 th Nvember 2004 pertaining the fight against mney laundering and terrrism financing. AMLD IV - Beneficial wnership infrmatin 5

6 Cntacts Silke Bernard Tel Hermann Beythan Tel Freddy Brausch Tel Niclas Gauzès Tel Patrick Gertay Natinal Managing Tel Peter Ges Tel Emmanuel-Frédéric Henrin Tel Nicki Kayser Tel Guy Lesch Tel Manfred Müller Tel Melinda Perera Tel Olivier Van Ermengem Tel This publicatin is intended merely t highlight issues and nt t be cmprehensive, nr t prvide legal advice. Shuld yu have any questins n issues reprted here r n ther areas f law, please cntact ne f yur regular cntacts, r cntact the editrs. Linklaters LLP. All Rights reserved 2017 Linklaters LLP is a limited liability partnership registered in England and Wales with registered number OC It is a law firm authrised and regulated by the Slicitrs Regulatin Authrity. The term partner in relatin t Linklaters LLP is used t refer t a member f Linklaters LLP r an emplyee r cnsultant f Linklaters LLP r any f its affiliated firms r entities with equivalent standing and qualificatins. A list f the names f the members f Linklaters LLP and f the nnmembers wh are designated as partners and their prfessinal qualificatins is pen t inspectin at its registered ffice, One Silk Street, Lndn EC2Y 8HQ, England r n Please refer t fr imprtant infrmatin n Linklaters LLP s regulatry psitin. We currently hld yur cntact details, which we use t send yu newsletters such as this and fr ther marketing and business cmmunicatins. We use yur cntact details fr ur wn internal purpses nly. This infrmatin is available t ur ffices wrldwide and t thse f ur assciated firms. If any f yur details are incrrect r have recently changed, r if yu n lnger wish t receive this newsletter r ther marketing cmmunicatins, please let us knw by ing us at marketing.database@linklaters.cm. 6