.png)
.png)
A committee of the European parliament has approved an amendment to the Fourth Anti-Money Laundering Directive, which would make details about individuals behind trusts publicly available for the first time.
Under the plan, each member state of the European Union would be required to keep and make available a register of information on the ultimate beneficial owners of privately owned companies, foundations and trusts.
A committee of the European parliament has approved an amendment to the Fourth Anti-Money Laundering Directive, which would make details about individuals behind trusts publicly available for the first time.
Under the plan, each member state of the European Union would be required to keep and make available a register of information on the ultimate beneficial owners of privately owned companies, foundations and trusts.
The parliament will vote on the measure later this month, and final negotiations will begin in the second half of this year. Each member state would have to incorporate the directive into domestic law before any of the provisions could take effect.
Geoffrey Todd, tax partner at London law firm Boodle Hatfield, said there are early indications that provisions will protect data privacy and ensure only the minimum information necessary is on the register.
“Details of what is in the trust and what it is for, for instance, will not be included,” he added. “Individual member states will also be able to exclude certain people and activities from its scope in cases where there is little risk of wrongdoing.”
