News

EU Officials Target Anonymous, Overseas Buyers of European Real Estate

By Koos Couvée

Individuals who cloak themselves behind offshore legal entities and trusts to acquire real estate in the EU will have to identify themselves under an anti-money laundering regulation that the bloc's executive branch, the European Commission, will unveil Tuesday. The 66-page regulation, which comprises part of a broader plan by the Commission to expand and make beneficial-ownership and other AML rules more uniform across the EU, will require offshore companies, trusts and other corporate entities to disclose their true owners for inclusion on nationally administered databases of ownership information. "Complex money laundering schemes using corporate structures often involve entities incorporated in...

TO READ THE FULL STORY