Beneficial Ownerships

EU breakthrough in the fight against money laundering

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.

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From the Chair

Suzanne SnivelyTINZ Chair A year and a half ago, Transparency International New Zealand (TINZ) was enthusiastic about our country’s direction with its anti-corruption strategy. After the release of the Panama Papers, the Shewan Inquiry progressed policy change at a faster pace, including speeding up of the Phase 2 Anti-Money Laundering legislation (AML). There were also {read more…}