EU COUNTRIES FAILING TO COMPLY WITH PUBLIC UBO REGISTER RULES
June 1st, 2021
Long after the January 10, 2020, deadline set by the European Union’s (EU) 5th anti-money laundering directive (5AMLD) (1) for member states to establish public ultimate beneficial ownership (UBO) registers, a Transparency International (TI) report (2) has alleged widespread non-compliance. Indeed, Hungary, Italy and Lithuania have yet to create effective UBO registers at all (as required under the earlier 4AMLD), claims TI (3). It notes in ‘Access Denied? Availability and accessibility of beneficial ownership data in the European Union’ that six EU ...
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