The European Parliament and the European Council agreed on the final version of the “Fourth Directive to combat money laundering» (4th Anti-Money Laundering Directive, AMLD). In the new law, each Member State will be to create a register of all final beneficiaries registered in its territory of enterprises, including in offshore jurisdictions.
Understanding EU authorities while preliminary, that directive came into force, it must approve the permanent representatives of all the countries of the European Union and the European Parliament committees before it is put to the vote the entire parliament. It is expected that innovation will take effect only in 2017. However, NGOs and politicians are convinced: Disclosure of beneficiaries companies help to end the use of offshore companies pacifiers to finance corruption, money laundering and illegal proceeds departure taxes.
“For years, the attackers were able to use the anonymity of offshore companies and accounts to hide their financial fraud in Europe” – commented harmonization directives Latvian MEP Karins Krizhanis.
International non-profit organization Transparency International, which specializes in fighting corruption, also welcomed the decision of the European power. TI says that the new EU directive provides for even greater transparency in the disclosure of data ownership companies than countries agreed at the “Big Twenty.” It is assumed that the registry will be given names, date of birth, nationality and place of residence UCs European offshore, trusts and other legal entities registered in the EU.
Unlimited access to the information contained in the records get law enforcement and government agencies of the EU, as well as “legally bound person”, such as banks or law firms.
However, the registry is fully accessible for members of the general public, journalists and non-profit organizations will be invited partial access to such information, but they will be required to prove their “legitimate interest” in it. According to Transparency International, this procedure may be an additional bureaucratic delays that slow conducting investigations of corruption that could potentially be of great value to society. Information on beneficiaries of trusts completely only be able to get government departments.
The newspaper EUobserver, against public records were Germany, Poland and Spain, while Britain, France, Denmark and the Netherlands are planning to make their registries, we are completely open to the public.