FIGHTING MONEY LAUNDERING IN THE EU: FROM SECRET OWNERSHIP TO PUBLIC REGISTRIES

TI EU office

Corruption around the world is facilitated by people’s ability to launder and hide the proceeds of corruption. Dirty money enters the financial system and is given the semblance of originating from a legitimate source often by using corporate vehicles offering disguise, concealment and anonymity. All too often dirty money finds its way into European Union (EU) financial centres, undermining the EU’s role as a global governance setter. Despite the strengthening of global anti-money laundering standards, such as those set by the Financial Action Task Force (FATF) and the United Nations Convention against Corruption, significant loopholes continue to exist in the EU and globally. A key loophole for money launderers is the lack of information collected and published on those who ultimately own and control companies, trusts and other legal structures.

Download TI EU Policy Paper Beneficial Ownership