EU to force firms to reveal true owners in wake of Panama Papers

[Eugene]

Source: The Guardian

Companies across the EU will be forced to disclose their true owners under new legislation prompted by the release of the Panama Papers.

Anti-corruption campaigners applauded the agreement as a major step in the fight against tax evasion and money laundering, but expressed disappointment that trusts will mostly escape scrutiny.

The revised terms of the EU’s fourth anti-money laundering directive include:

• A requirement for companies to disclose their beneficial, or true, owners in a publicly available register.

• Data on the beneficial owners of trusts to be available to tax and law enforcement authorities, as well as sectors with an obligation to follow anti-money laundering rules, such as lawyers.

-snip-

David Pegg and Hilary Osborne
Friday 15 December 2017 18.23 GMT


Read more: https://www.theguardian.com/world/2017/dec/15/eu-to-force-companies-to-disclose-owners-with-directive-prompted-by-panama-papers

[SeaDoo77]

1. Effing Awesome

I want all bank accounts over $100,000 public knowledge. If they "spread it around" when it goes over 100k total it is public knowledge. It is way too easy for scumbags to bribe scumbags these days.

[BigmanPigman]

2. True! They can buy almost everyone.

It is always about money, greed, self interest and they get away with the corruption all the time.

[procon]

3. I can't imagine that ever happening in the US, not by either party. nt

[not fooled]

4. Yes

Unfortunately.

[LiberalFighter]

5. It may not but this makes it more difficult to hide their assets.

They won't be able to do business in the EU if they want to stay hidden. And the info will be available to the U.S.