Beneficial Ownerships
EU breakthrough in the fight against money laundering
23 December 2017
On 15 December 2017, the European Union (EU) took action to increase the transparency of companies through a public register of beneficial ownership. This breakthrough will allow the public to see who ultimately controls shell companies and other opaque structures which is a critical step to prevent and detect corruption, tax evasion and money laundering.
European Parliament and the Council reached a political agreement on the European Commission’s proposal to further strengthen EU rules on anti-money laundering and counter terrorist financing. A key aim of this revision of the Fourth Anti-Money Laundering Directive is to increase transparency on who really owns companies and trusts by establishing beneficial ownership registers.
{read more…}From the Chair
5 October 2017
