Privacy Implications of Beneficial Ownership Registers – MEPs Vote to Make Central Registers Publicly Accessible

In response to recent terrorist events in Europe, a Fifth Anti-Money Laundering Directive (“5MLD”) has been proposed which, inter alia, contains a proposal to amend 4MLD to make the central beneficial ownership registers publicly accessible (albeit that access would be subject to online registration and payment of an administrative fee). On 28 February 2017, two Committees of the European Parliament jointly voted to accept the proposal and allow members of the public to access central beneficial ownership registers without having to demonstrate a legitimate interest.

 

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