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  • Tracey McDermott

Luxembourg publishes draft laws to central registers of beneficial owners

On 6 December 2017, the Luxembourg Parliament published two draft laws to implement new transparency measures on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing in order to enact the fourth European anti-money laundering directive (also known as “AMLD 4”). Both draft laws are intended to create central registers of beneficial owners. While these are draft laws only, given that the they are broadly in line with AMLD 4 , we can expect only minimal changes to be made before they are transposed into national law. The draft laws include the setting-up of two central registers, viz.,(i) a central register of beneficial owners of Luxembourg legal entities and (ii) a central register of beneficial owners of fiduciary arrangements under the authority of the Administration de l’Enregistrement et des Domaines (“AED”).

Clearly there is more to follow, but we are one step closer to getting AMLD 4 transposed into Luxembourg law.

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