Access to the beneficial owner registers by general public considered invalid by ECJ
The European Court of Justice (ECJ) has considered that access to information on the beneficial ownership of companies and other legal entities in all cases to any member of the general public, as provided for under AMLD V, is invalid in light notably of the Charter of Fundamental Rights of the European Union.
In response to the ECJ’s judgment, the Ministry of Justice, in coordination with the Luxembourg Business Register, announced a temporary suspension of access by the public to the Luxembourg Beneficial Owners Register.
The Luxembourg government will, as a next step, contact the European Commission in order to discuss the consequences of the ECJ’s judgment and whether solutions are contemplated at EU Level.
