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UBO-registry: a split between privacy and transparency

This text is a summary of the artikel UBO-register: Spagaat tussen privacy en transparantie written by R. de Lange-Snijders en C. de Nooijer.

On March 31, 2017, the consultation legislative proposal to implement the UBO-registry from the fourth anti money-laundering directive was published in the Netherlands. Based on the consultation proposal, the article discusses the consequences of the UBO-register, the risks of the lack of progress in the legislative process, and the expected European developments regarding the register.

Striking is that the consultation proposal misses a definition of the UBO, as well as a decent consideration on the balance between the right on privacy and the need for a (partly) public register. The concerns regarding a breach of privacy are broadly shared in society and amongst family businesses. The lack of progress causes uncertainty for UBO’s. The uncertainty is amplified by the wish to broaden the impact of the UBO-register.

Source: De Lange-Snijders, R. & De Nooijer, C. C. C. (2017). UBO-register: Spagaat tussen privacy en transparantie. Privacy & Information, 3, 130-133.