Access to information on beneficial ownership of the EU companies

On 8 November 2016, the European Council agreed to a proposal for a new directive which will require member states to enable access to information on the beneficial ownership of companies. If adopted, the directive will apply starting from 1 January 2018 and will be aimed at the prevention of money laundering.
The proposal to adopt such a directive is one of a number of measures set out by the European Commission after Panama Papers revelations. The proposed directive will enable tax authorities of the member states to access the information on beneficial owners of the intermediary entities and other due diligence information.
The directive itself will be adopted by the European Council once the European Parliament has given its opinion.