It has proved difficult to balance the right to privacy with the need to prevent crime. The EU’s Anti Money Laundering Directive introduced the obligation on member states to introduce central registers of the beneficial ownership of companies allowing limited access to those who could show a ‘legitimate interest’. At the same time the EU was also heavily promoting the idea of data protection most notably through the General Data Protection Regulation. This conflict has now come to a head in the joined cases Luxembourg Business Registers (Case C-37/20) and Sovim (Case C-601/20) where it would appear that the CJEU has single-handedly brought the EU’s transparency journey to an abrupt end. The consequences for the UK’s own PSC rules the trust registration service and the register of overseas entities are not fully known. The UK is not bound by the CJEU decision but is obliged to...
If you are not a subscriber, subscribe now to read this content.
It has proved difficult to balance the right to privacy with the need to prevent crime. The EU’s Anti Money Laundering Directive introduced the obligation on member states to introduce central registers of the beneficial ownership of companies allowing limited access to those who could show a ‘legitimate interest’. At the same time the EU was also heavily promoting the idea of data protection most notably through the General Data Protection Regulation. This conflict has now come to a head in the joined cases Luxembourg Business Registers (Case C-37/20) and Sovim (Case C-601/20) where it would appear that the CJEU has single-handedly brought the EU’s transparency journey to an abrupt end. The consequences for the UK’s own PSC rules the trust registration service and the register of overseas entities are not fully known. The UK is not bound by the CJEU decision but is obliged to...
If you are not a subscriber, subscribe now to read this content.
.tmb-editorspic.jpg?sfvrsn=df04ab27_1)
