The fifth money laundering directive was published in the EU official journal on 19 June and will come into force on 9 July. The directive introduces broader access to information on beneficial ownership of companies and trusts, and tighter controls on certain transactions. Member states must transpose the directive into their national laws by 10 January 2020.
The amended directive provides for member states to ensure that beneficial ownership information on corporate entities is accessible by:
In relation to trusts, beneficial ownership information should be accessible by:
The natural or legal persons referred to above should be permitted access to the name, the month and year of birth, and the country of residence and nationality of the beneficial owner, as well as the nature and extent of the beneficial interest held.
Other changes include:
The fifth money laundering directive was published in the EU official journal on 19 June and will come into force on 9 July. The directive introduces broader access to information on beneficial ownership of companies and trusts, and tighter controls on certain transactions. Member states must transpose the directive into their national laws by 10 January 2020.
The amended directive provides for member states to ensure that beneficial ownership information on corporate entities is accessible by:
In relation to trusts, beneficial ownership information should be accessible by:
The natural or legal persons referred to above should be permitted access to the name, the month and year of birth, and the country of residence and nationality of the beneficial owner, as well as the nature and extent of the beneficial interest held.
Other changes include: