The European Commission has issued infringement proceedings against 11 EU member states for failing to comply with new rules on beneficial ownership transparency. The move comes as Brussels escalates pressure on governments to implement the bloc’s anti-money laundering reforms.
Germany, Italy, Belgium, Greece, Denmark, Estonia, Cyprus, Croatia, Poland, Slovakia and Sweden missed a July 10 deadline to ensure full access to registers of the people who ultimately own or control companies and trusts.
Continue reading by subscribing to The Banker
- In-depth coverage across key markets
- Comments from financial leaders and policymakers worldwide
- Regional/country bank rankings and awards