Europe follows the UK on transparency of ownership

Posted on 22 May 2015 by Kate Higgins. Source: Business Shapers

Following our recent blogs on this issue, it now seems that campaigners are starting to see results. In the final days of the last Parliament, the UK enacted legislation to reveal the ultimate owners and controlling individuals behind UK corporates (see here).  From Jan 2016, the identity of any individual or Government body with a controlling interest in a UK corporate – whether direct or through other on or offshore holdings – is to be placed on a public register.  Now Europe has followed suit.  Under the 4th Money Laundering Directive, passed this week, each Member State will be required to implement public, or almost public, central registers of beneficial ownership by a date which is likely to be June 2017. Not only that, but the provisions extend beyond ownership of corporates to require non-public disclosure of interests in express trusts and similar structures, such as foundations.

Read the full article here.