TI Netherlands just published a new report entitled ‘Behind The Scenes: Beneficial Ownership Transparency in the Netherlands’. The report demonstrates that the Netherlands has a relatively good understanding of general money laundering risks. However, risks related to ultimate beneficial owners (UBOs) have not yet been sufficiently addressed in neither regulation nor practice. The Netherlands’ score on UBO transparency is weak in international comparison. To meet the international standards for UBO transparency, an adjustment of Dutch regulation will not suffice. It will be necessary to conduct an integral, national risk analysis that concerns specific UBO issues, looks at related future risks and screens the effectiveness of the regulation in practice.