EU COURT INVALIDATES GENERAL PUBLIC ACCESS TO BO INFORMATION IN 5AMLD
November 21st, 2022
The European Court of Justice (ECJ) has invalidated a European Union (EU) requirement that information on the beneficial ownership (BO) of companies “is accessible in all cases to any member of the general public”. This is enshrined in the fifth anti-money laundering directive (5AMLD), but the requirement has been overturned by a November 22 ruling (1) on two cases referred by a Luxemburg court. The ECJ agreed with both a company and its beneficial owner that the open access provision on the Luxemburg Business Register is not “limited to what is strictly ...
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