EU legislation threatens trust anonymity

 

Draft EU anti-money laundering legislation would force users of trusts to report their beneficiaries to a publicly accessible register, bringing an end to the anonymity that trusts currently afford.

Proposals approved by European parliamentary committees on Thursday would see the establishment of an EU-wide register of beneficial ownership of companies, foundations and trusts. T

he rules would require accountants and tax advisers to report trust details to member states, who would make the information publicly available on request.

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