Since 1 March 2019, anyone with a business, fund, foundation or ASBL is obliged to register their company with the Register of Beneficial Owners (RBE).
For three years now, every company must notify the register of certain information, notably who is a beneficiary in the organisation. The law also provides for a number of exceptions, and takes into account that ASBLs, which of course cannot declare beneficiaries, have to declare their administrator.
However, as of 20 July this year, more than 9,200 organisations are still non-compliant, according to the Minister of Justice and the Head of Police in their response to an LSAP parliamentary question.
Read also: Nationwide checks for potential RBE infractions
There has also been talk of penalties. Currently, and until the end of the summer, police checks are being carried out on those that have already registered. In total, there are 437 registered entities, of which 85 are ASBLs. However, SARLs are checked the most: 82 of them have already been fined, which this year averaged 3,500 euros.
The RBE seems to cause a lot of headaches and frustration for small associations, explains the president of an NGO in the humanitarian sector on social media. In August, three policemen rang his doorbell to read to him a complaint issued by the judiciary.
The man stressed that he did not blame the police, but he was frustrated at the RBE because he had made his declaration in 2020. However, had not received any answer or confirmation that the provided information sufficed. Now he feels like a criminal, he adds.
The aim of the trade register is to guarantee transparency and prevent laundering as well as the financing of terrorism. In their answer to the LSAP's parliamentary question, Justice Minister Sam Tanson and Police Minister Henri Kox write that it is still too early to use the register for these purposes.
However, if companies continue to refuse to provide any information or provide false information, more controls could take place in the future. While laundering nor terrorism financing cannot be determined yet, the ministers believe that the register and its controls could prevent future financial crimes.
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