|
|
Public access to information on real owners of firms
The reforms giving citizens the right to access information on the beneficial owners of firms which operate in the EU, could help quash the corrupt use of letterbox companies created to launder money, hide wealth and avoid paying taxes - a practice which received widespread attention in the wake of the Panama Papers.
An additional measure would also open up data on beneficial owners of trusts and similar arrangements to those who can demonstrate a “legitimate interest”. This would make information on trusts available to investigative journalists and non-governmental organisations (NGOs). Member states will also retain the right to provide broader access to information, in accordance with their national law.
Customer verification for virtual currencies
The new measures also address risks linked to prepaid cards and virtual currencies. In a bid to end the anonymity associated with virtual currencies, virtual currency exchange platforms and custodian wallet providers will, like banks, have to apply customer due diligence controls, including customer verification requirements.
These platforms and providers will also have to be registered, as will currency exchanges and cheque cashing offices, and trust or company services providers.
Lower threshold on prepaid cards
Other measures agreed as part of the update include: