European countries continue to enter the register of beneficiaries

In the spring of 2019 Cyprus, Ireland, Slovakia and Belgium announced the introduction of open beneficiary registries.

As we wrote earlier, European countries are introducing registries of the beneficiaries in accordance with the EU Directive No. 2015/849 "On prevention of the use of the financial system for purposes of money laundering or terrorist financing", adopted in May 2015.

Under this Directive, EU member States are required to establish registers of beneficiaries and to identify the authorities responsible for its maintenance. Access to this information will be to have no restrictions by the competent EU bodies and bodies of financial control of the EU. In addition to these bodies, credit and other financial sector organizations, auditors, notaries, fiduciary service providers, who are responsible for identifying the client, as well as other persons determined by the participating countries, may have got limited access.

The introduction of beneficiary registries in the above-mentioned jurisdictions is planned for begging of 2020.

On materials of the following website: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32015L0849

https://ec.europa.eu/agriculture/cap-funding/beneficiaries/shared_en