Beneficial Ownership Registers: The STEP Handbook for Advisers

The 4th and 5th Anti-Money Laundering Directives of the European Union (EU) introduced beneficial ownership registers to promote transparency in the financial markets. However, public access to this information raises concerns about privacy, leading to delays in implementation and different legislative choices in EU member states. This book provides an in-depth analysis of the beneficial ownership registers legislation in various EU jurisdictions, the UK, and international financial centers, including practical comparisons and special cases. It is essential reading for private client advisers and family officers involved in estate planning and asset protection.

Format: Hardback
Length: 368 pages
Publication date: 17 August 2021
Publisher: Globe Law and Business

The introduction of beneficial ownership registers in the European Union (EU) was a significant step towards promoting greater transparency in the financial markets. These registers were mandated under the 4th and 5th Anti-Money Laundering Directives, with the overarching objective of enhancing the level of disclosure in the corporate sector. However, the public accessibility of beneficial ownership information, including that of companies and other legal arrangements such as trusts, raises profound concerns regarding individual privacy rights. As a result, many EU member states are currently grappling with the delicate balance between transparency and privacy, leading to delays in the implementation of beneficial ownership registers.

In response to these challenges, different legislative approaches have been taken in various jurisdictions within the EU. Some countries have chosen to establish comprehensive beneficial ownership registers that encompass all entities within their jurisdiction, while others have focused on specific sectors or types of legal arrangements. It is crucial to understand these variations, as beneficial ownership registers may not only apply to entities incorporated or administered in an EU jurisdiction but also to foreign entities with some business connection to that jurisdiction.

This book, co-published with STEP, the world's leading organization for private wealth professionals, offers an in-depth analysis of the beneficial ownership registers legislation in a number of EU jurisdictions, as well as in the UK, which pioneered this initiative with the creation of its own 'PSC Register.' The book also explores similar initiatives being implemented in some leading international financial centers, such as Hong Kong and the US. It provides comprehensive coverage of various aspects, including:

The functioning of beneficial ownership registers in selected EU jurisdictions.

The differences between the beneficial ownership registers for companies and those for trusts, which are maintained in many EU member states.

Practical comparisons on the possibility for individual beneficial owners to apply for their personal information to be withheld from public disclosure.

By examining these topics in detail, the book aims to provide a comprehensive understanding of the beneficial ownership registers landscape in the EU and beyond. It serves as a valuable resource for policymakers, regulators, legal professionals, and individuals interested in understanding the implications of transparency and privacy in the financial sector.

In conclusion, the introduction of beneficial ownership registers in the EU was a positive step towards enhancing financial market transparency. However, the balance between transparency and privacy remains a complex and evolving issue, requiring careful consideration and legislative solutions. This book provides valuable insights into the current state of beneficial ownership registers and their potential impact on the financial sector, offering a valuable resource for those seeking to navigate this complex terrain.

Weight: 686g
Dimension: 240 x 309 x 25 (mm)
ISBN-13: 9781787424142