Open Beneficial Ownership Register Rules Declared Invalid by EU’s Highest Court
Helen Darbishire2022-11-25T11:07:47+01:00Madrid, 23 November 2022 – The Court of Justice of the European Union on 22 November 2022 declared invalid the provision of the Fifth European Union Anti-Money Laundering Directive that requires EU countries to provide public access to beneficial ownership registers. In a ruling that has sent shockwaves through Europe’s anti-corruption and transparency community, the Court found that the Fifth Anti-Money Laundering Directive (AMLD5, 2018) is too loosely framed and provides for overly-wide public access to the registers without a proper justification of the necessity and proportionality of the interference with the rights to privacy and personal data protection of