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EU Lawmakers Wants Key AML Reform Restored: Broad Access to Ownership Data

By Koos Couvée

A coalition of European lawmakers is exploring ways to safeguard broad access to beneficial ownership information after the EU's top court struck down the public's right to review national databases showing the true owners of legal entities without restriction. In a Nov. 22 ruling, the Court of Justice of the European Union found that granting public access to the personal details of beneficial owners with no requirement to demonstrate a "legitimate interest" infringes EU citizens' reasonable expectations of data privacy and protection set forth in the EU Charter of Fundamental Rights. Austria, Germany, Luxembourg, Ireland, Malta, Belgium and the Netherlands...

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