The aim of the campaign is for associations and corporations to report their so called beneficial owners and publicly register them in the Business Register.
EU directives and Luxembourgish law require this registration. Until now, many associations have not been respecting their reporting duties, despite all the information provided at events, such as conferences a the Chamber of Commerce which were frequented by hundreds of people.
Unfortunately, that didn't translate into further registrations. Out of roughly 129,000 units, only some 7,000 fulfilled their duties as they should, explained Felix Braz.
This has to change because, by the end of August, associations and other entities will need to have handed in their data at the Business Register. Hence the newspaper and online campaigns to incite them to inform themselves and register. As such, these registrations are also a form of combating money laundering, such that anonymous criminal groups can no longer hide behind corporations, said Daniel Ruppert.
The 8,000 not-for-profit associations (ASBL) were particularly concerned about these reporting duties. Now, they can let themselves be guided by an online tutorial and FAQs.
The experts claimed that it is all very easy, but that people who still struggle to complete the task, could visit the Business Register in person and get help. This service is free until the end of August.
