EFTA Court in Luxembourg rules that access to beneficial ownership data requires a legitimate interest, balancing transparency with privacy and warning against rigid rules that hinder AML efforts

This ruling reinforces stricter transparency standards under AML regulations, particularly in light of the European Court of Justice’s annulment of certain provisions in the Fifth AML Directive that previously eased access to such information. The judgment clarifies...

US GAO report reveals the key role of BO data in uncovering fraud in Govt programs, exposing use of shell companies, urging FinCEN’s collaboration to bolster fraud detection and curb illicit finance

This information is vital for identifying the true owners of entities involved in government contracts or receiving federal benefits, which is crucial in detecting and preventing fraud schemes. The report highlights how criminals and corrupt actors have used shell...