The Luxembourg Parliament recently enacted a law reforming the Trade and Companies Register (RCS) and the Register of Beneficial Owners (RBE) laws.
This reform is a direct response to the decision of the Court of Justice of the European Union which invalidated unrestricted public access to beneficial ownership information, on the grounds that such access violated privacy rights. Under the new framework, access to the RBE is now limited to national authorities, professionals subject to anti-money laundering and counter-terrorism financing (AML/CTF) obligations, and those with a proven legitimate interest, such as journalists and non-profit organisations.
Additionally, the reform introduces administrative sanctions to ensure the reliability of the information registered in the RCS and RBE and streamlines declaration processes.
Please see full publication below for more information.
