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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.

The 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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