Beneficial ownership disclosure: when private becomes public

[edward222]

krediet aan : Tax Avoidance News : Beneficial ownership disclosure: when private becomes public

The most controversial part of the Fourth Anti-Money Laundering Directive (4th AMLD) is probably going to be the Register of Beneficial Ownership. The controversy arises since certain information which is considered private and which legitimately could be kept as such, will now be made available to a number of persons – possibly also to the wider public in certain situations.

je gedachten jongens?

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Oorspronkelijk geplaatst door edward222

krediet aan : Tax Avoidance News : Beneficial ownership disclosure: when private becomes public



je gedachten jongens?

Mij lijkt het dat enkel grote vissen tegen deze beslissing zullen zijn.

... This is a real game changer. Whereas today, beneficial owners of companies or trusts are only known to the professional handling their affairs and the bank, once this directive comes into force, the beneficial owners’ personal information shall become available to the persons mentioned in (a) to (c) above.

Arguments against the introduction of such a register are not only motivated by motives of tax transparency, or rather the lack of it – but also because of privacy issues. One may also pose the question as to whether such a register is actually compatible with the guarantees contained in the EU’s Charter of Fundamental Rights.

Article 30(9) of the directive provides an exemption to the level of access referred to in points (b) and (c) above, “on a case by case basis in exceptional circumstances, where such access would expose the beneficial owner to the risk of fraud, kidnapping, blackmail, violence or intimidation, or where the beneficial owner is a minor or otherwise incapable”.

While this could provide some comfort, the term ‘exceptional circumstances’ and the fact that the onus is on the person seeking privacy, make it seem as though the threshold to be exempt will be quite high indeed.

...

Heden ten dage draagt iedereen een rots bij hé. De staat heeft heel wat hongerige mondjes te onderhouden... veel nieuwkomers.