PUBLIC ACCESS TO BO REGISTERS – A LOOK BEYOND AND AHEAD In 2022, the Court of Justice of the European Union (CJEU) issued a preliminary judgment ruling that public access to information on beneficial ownership of companies incorporated in EU member states constitutes a “serious interference with the fundamental rights to respect for private life...Read More

US: ACCESS TO BENEFICIAL OWNERSHIP INFORMATION IS GETTING WIDER More and more entities will have access to information about the beneficial ownership of companies recorded by the US government’s Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). The CTA, lately enacted into law as part of the National Defense Authorization Act, amended...Read More

The Netherlands introduces UBO register from 1° November 2022 The Netherlands has decided to speed up the process of the introduction of a beneficial ownership register for trusts, which will be introduced in the Country as of 1 November 2022. This is a new register, separate from the others, which will be added to the...Read More

US FinCEN Issues Final Rule for Beneficial Ownership Reporting On 29th September 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule, as required by the Corporate Transparency Act 2019, establishing an information-reporting regime for beneficial ownership. The rule will come into force on January 1 2024, with...Read More

Closed FATF’s consultation on foreign trusts’ beneficial ownership reporting duties In June 2022, the Financial Action Task Force’s (FATF’s) opened a consultation on possible amendments to its Recommendation 25, with the aim to propose any revision during its meeting in October 2022. The Recommendation focuses specifically on transparency and beneficial ownership reporting for trusts and...Read More