“Panama Papers” triggered the EU initiative for more transparency. Who is the natural person behind a legal entity? The Fourth Anti-Money Laundering Directive - Directive (EU) 2015/849 requires to identify any natural person who exercises ownership or control over a legal entity in order to combat misuse of legal entities.
All EU countries must achieve the goals set by the directive including the implementation of a national transparency register, but it is up to the EU member states to transform the requirements into their national laws. Hence, there are a variety of different approaches.
Dentons’ “EU Transparency Registers” offers an interactive tool to assist clients with the requirements of the transparency register in each EU member state. This free interactive online tool provides an overview of the status of its implementation and provides clear, easy to apply definitions of the requirements, the process to register, and handy information regarding access and sanctions. Clients will appreciate the quick access to concise information on countries where they are doing business and take appropriate action.
Currently, there is information on 13 EU member states where Dentons has offices. We intend to add other countries soon.
For more information, read our press release.