EU COUNTRIES LAGGING ON BUILDING PUBLIC UBO REGISTERS
July 30th, 2022
European Union (EU) member states are lagging in compliance with a requirement in the fifth anti-money laundering directive (5 AMLD) (1) to create public ultimate beneficial ownership (UBO) registers by January 10, 2020. A European Commission webpage (2) on 5AMLD compliance last updated June 2 (2022) shows 12 governments are facing infringement proceedings either because they have not adopted legislation writing the directive fully into national law or because they have implemented it incorrectly. The Commission, however, does not reveal whether the infringement ...
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