EUROPE: UK pressure on EU to introduce central registry of company beneficial ownership for EU major shareholdings

Friday November 29 2013

The UK has asked ECOFIN to consider making companies` registries of ownership being introduced under the fourth Money Laundering Directive publicly accessible.

As previously reported, the UK government has been consulting on introducing a public beneficial ownership register, which it is proposed will detail the ownership of any individual with an EU major shareholding interest in more than 25% of the shares or voting rights of the company; or who otherwise exercises control over the way that the company is run.

In partnership with France and Italy, the UK has proposed a common amendment to the Fourth Money Laundering Directive to mandate establishing central registries of company beneficial ownership, and making these accessible to the public.

Click on the above link for the UK discussion.