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EU Reaches Deal on Anti-Money Laundering Rules
Ending Uncertainty on Access to Company Ownership Information
The European Union has reached a deal on anti-money laundering rules, bringing an end to uncertainty around how watchdogs will access information on companies’ real owners. The new directives and regulations aim to improve transparency and cooperation among member states in the fight against money laundering and terrorist financing.
Generalized Access to Beneficial Ownership Registers
Under the agreement, those involved in the fight against money laundering will have generalized access to beneficial ownership registers. This means that civil society and media investigating money laundering and corruption will be able to scrutinize the real owners of companies and trusts.
- Generalized access ensures some level of transparency is maintained following a 2022 EU Court of Justice ruling.
- The measure aims to close a longstanding loophole by requiring foreign companies with investments in member states, including in real estate, to declare their beneficial owners.
Harmonization of Anti-Money Laundering Efforts
The new regulation harmonizes and coheres anti-money laundering efforts across the Union. It also:
- Requires foreign companies with investments in member states to declare their beneficial owners.
- Closes a longstanding loophole by requiring foreign companies with investments in real estate to declare their beneficial owners.
Response from Transparency International
Transparency International welcomed the agreement, saying it creates new minimum standards for member states in several areas essential to the fight against dirty money. The organization also urged member states to implement the rules without delay and called on the European Commission and the new anti-money laundering authority (AMLA) to support them in enforcing these strengthened rules.
Maíra Martini, Head of Policy & Advocacy at Transparency International, said:
“We commend both the Council and Parliament for ensuring that no EU member state can lock journalists and activists out of beneficial ownership registers. However, we are not giving up on public registers and urge co-legislators to explore frameworks other than anti-money laundering to restore full transparency over who owns companies and trusts.”
Completion of Negotiations
The agreement completes negotiations on the anti-money laundering package first proposed by the Commission in July 2021. Last month, EU co-legislators reached an agreement on the new EU anti-money laundering authority, whose powers will include supervision of banks as well as national-level supervisory authorities.
Strengthening Defences Against Dirty Money
Taken together, the new rules significantly strengthen the EU’s defences against dirty money and the fight against cross-border corruption.