The Royal Decree on the operating procedures of the UBO register was published in the Belgian State Gazette last week.

This much awaited Royal Decree describes the modalities and functioning of the UBO register for beneficial owners of Belgian entities and partially transposes the Fifth AML Directive into Belgian law. Therefore, in addition to detailing the information to be transmitted to the UBO register by legal entities regarding their beneficial owners, the Royal Decree grants public access to the UBO register of companies and limited public access to the UBO register of not-for-profit organizations, trusts and similar legal arrangements.

The Royal Decree will enter into force on 31 October 2018. The directors and trustees of the legal entities concerned should submit the required information to the UBO register by 30 November 2018 at the latest.