European Parliament Moves to Introduce Stricter Financial Registry Rules

European Parliament Moves to Introduce Stricter Financial Registry Rules

The European Parliament voted to set up public registers to identify company owners in a bid to step up the fight against shell companies, the Sofia News agency (Novinite.com) reported.

Under the new plan, banks and financial institutions, auditors, lawyers, accountants, notaries, trusts and real estate agents will have to submit information about their ultimate owners with the national authorities, which, for their part, will have to enter it into publicly accessible online registers, the news agency reported.

Interlinked registers in each member state are expected to make the current system more efficient.The new rules will not apply for owners of gambling activities, casino proprietors excluded.

Interlinked registers in each member state are expected to make the current system more efficient.

The regulation proposals will likely be voted as a draft law before European elections in May. It is yet unclear when they could be agreed among all EU member states.

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