Since 2018, the UBO register of company and non-profit organisation "ultimate beneficial owners" has enhanced Belgium's anti-money laundering system, writes L'Echo on Tuesday. Nearly 50,000 organisations have been deregistered since its introduction.
The register was created following a European directive during a time when Member States' judicial authorities struggled to prosecute companies whose beneficial owners were hidden behind layers of shell companies.
As of 7 January 2025, nearly 50,000 companies and non-profit organisations have been deregistered by the Central Enterprise Databank, with 75% being non-profit organisations.
More than 17,500 fines totalling €8.5 million have been issued. Fines for missing UBO registration or inaccurate data range from €250 to €50,000. To date, only fines of €250 and €500 have been imposed.
