The "Luxembourg Business Registers" (LBR) is an economic interest grouping established by the State, the Chamber of Commerce, and the Chamber of Skilled Trades and Crafts that manages and develops the Trade and Companies Register (RCS), the Beneficial Owners Register (RBE), and the Electronic Central Platform of Official Publications concerning Companies and Associations (RESA).
How does the LBR operate? Who uses the information in these registers, who provides it, who checks it? These are just some of the questions answered by LBR Director Yves Gonner during a press conference in Bonnevoie organised by the "Tax Justice Lëtzebuerg" collective.
The reform of the LBR was announced in February 2022. The goal was to entrust the registers with a more proactive role in handling the data of companies and associations. The new approach will be fully implemented by 2023, Gonner said.
"We need to provide accurate and precise information so that people have confidence in the registers. We also want the data to be used more effectively, maximising the value of our registers. We collect data for a variety of purposes, including the possibility to consult and use it," the LBR Director explained.
The LBR no longer just records data, it also verifies it. This verification procedure will be further developed in the coming years.
Currently, the process includes automated checks that are built into the registration forms, as well as manual checks and checks performed in coordination with other databases. Gonner added that the latter will be expanded "as soon as the legal framework allows us to do so".
In an answer to a parliamentary question, Minister of Justice Sam Tanson and Minister of Internal Security Henri Kox revealed last week that 1,300 non-profit associations (ASBL) are currently in violation of the law governing the Beneficial Owners Register.
According to Gonner, the LBR "goes to great lengths in the preventive phase," but it also informs companies via an automatic mechanism when a deadline approaches. Companies are also notified when a deadline has passed.
If a company or ASBL still does not cooperate, the LBR may resort to a variety of legal sanctions, including fines, judicial dissolution, or legal proceedings.