ECJ Ruling Deems Public Access To Beneficial Ownership Registers Under 5AMLD Invalid

Executive Summary

On the 22 November 2022, the European Court of Justice ("ECJ") ruled that the changes introduced by Directive 2018/843 ("5AMLD"), allowing unrestricted public access to beneficial ownership registers, is in breach of Articles 7 and 8 of the Charter of Fundamental Rights of the European Union (the "Charter").

Serious Interference with Fundamental Rights

The ECJ criticised the unrestricted nature of public access to beneficial ownership registers and the fact that the information made available to the general public relates to the identity and personal data of the beneficial owner as well as to the nature and extent of the beneficial interest held in legal entities.