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Fourth AML Directive agreement preserves legitimate confidentiality of trusts, says STEP


Reports suggest that the EU Parliament and Member States have now reached an agreement on the 4th AML Directive. 

This will see a public register of beneficial owners for corporates and other structures but the agreement also respects the need to preserve legitimate confidentiality of trusts, many of which are established to protect the interests of vulnerable family members.

Commenting on the reported agreement, George Hodgson, Deputy Chief Executive of STEP, says; ‘The reported proposal to base a new register of trusts on information which is being collected in any case as part of the new initiatives being launched for automatic exchange of tax information, and to limit access to this information to competent authorities, is a pragmatic solution. While ensuring that official investigators will have full access to all necessary information, it will minimise bureaucracy and ensure that families can maintain their fundamental right to respect for a private family life.’

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