The EU Anti-Money Laundering Directive (AMLD), specifically AMLD 5 amended in 2018, mandated EU member states to provide public access to beneficial ownership information for legal entities incorporated in the EU. However, on November 22, 2022, the European Court of Justice annulled this public access requirement, stating that it was not proven that the public needs such information to combat money laundering. Despite this ruling, some EU countries have chosen to maintain open registries, recognising various other uses and purposes for beneficial ownership data. This brief explores these alternative applications of beneficial ownership information beyond its role in anti-money laundering efforts, all of which are relevant to all countries, not just EU members.
Andres Knobel ■ Uses and purposes of beneficial ownership data