How beneficial owners registers aim to curb money laundering and tax evasion


With more complicated company structures being used, it has become increasingly more difficult to establish who the ultimate beneficial owners of entities are. In light of the new regulation, do you believe that the Ultimate Beneficial Ownership (UBO) Register can help in any way to prevent financial crime?

The UBO Register system is a further step in the right direction taken in light of the issuance of the 4th Anti-Money Laundering Directive (4AMLD) back in 2015. Even more so, the introduction of the UBO Register is also important in light of the aftermath of several terrorist attacks that have struck in the EU and also the revelation of the “Panama Papers” scandal in 2016. 

The UBO Register system seems to be directly aimed at helping curb terrorist funding, money laundering and tax evasion. The UBO registers should definitely help in this respect because they allow national financial crime authorities, especially financial intelligence

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