Justice Minister Sam Tanson announced on Monday that the Luxembourg Business Registers (LBR) will be reformed to have a “more proactive role” vis-à-vis the data of the companies and associations of the country it manages.

The LBR will play a "more proactive role" in encouraging companies to update their information, the minister said, particularly as part of its obligations to international organizations such as the Financial Action Task Force (FATF), a Anti-Money Laundering and Anti-Terrorist Financing Review, or OECD.

More than 152,000 entities are registered with the LBR, with around 354,000 documents filed as part of their business case in 2021. The reform, which is due to be completed by the end of next year, also gives the LBR more power to penalize companies that have not submitted the appropriate records. The LBR may blame companies for not filing the correct documents after receiving a warning. It will be able to impose fines of up to 3,500 euros – reduced to 250 euros for charities and foundations. And, after several warnings, remove the company from the business register and, as a last resort, refer the case to the public prosecutor.