BLOOMBERG - The Bureau of National Affairs
Data Privacy Concerns Block EU Beneficial Ownership Plans, by Joe Kirwin
"Pending European Union plans to establish beneficial ownership public registries for companies and commercial trusts in order clamp down on tax evasion face rejection among EU member states because of data protection concerns.
Member states act as if the Panama Papers and Bahamas Leaks scandals had not happened, Fabio de Masi, a German member of the European Parliament, told Bloomberg BNA Dec. 14. Access restrictions to corporate registers are inefficient, costly to administer and run counter to the fundamental idea of transparency.
He predicted that contrary to what EU member countries are expected to approve on Dec. 20, the European Parliament will back measures that prevent exemptions in order to prevent the cancer of illicit financial flows and offshore secrecy...."
The full-text article is to be found at bna.com.